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Article 125
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(Articles of Incorporation)
The articles of association of a company-type stock exchange shall contain, in addition to those required under the Company Act, the following particulars:
- the total number of seats in the centralized securities exchange market for brokers and dealers and their necessary qualifications.
- duration of existence.
The duration of existence referred to in subparagraph 2 of the preceding paragraph shall not exceed a period of ten years; in the event the development of the local securities transactions warrants it, an application for extension may be filed with the Competent Authority during the period three months prior to the expiration of the duration of existence.
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Article 126
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(Prohibition of Concurrent Service by Securities Firms and Their Shareholders or Employees)
Directors, supervisors, shareholders, or employees of a securities firm shall not serve concurrently as managerial officers of a company-type stock exchange.
At least one-third of the directors and supervisors of a company-type stock exchange shall be appointed by the Competent Authority from among relevant experts who are not shareholders; the provisions of paragraph 1 of Article 192 and paragraph 1 of Article 216 of the Company Act shall not be applicable.
Standards and regulations governing the election of non-shareholder directors and supervisors as referred to in the preceding paragraph shall be prescribed by the Competent Authority.
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Article 128
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(Prohibition of Issuance of Bearer Stock)
A company-type stock exchange shall not issue bearer stocks. Transferees of its shares shall be limited to the securities firms incorporated under this Act.
The shareholding percentage of each securities firm in the stock exchange shall be prescribed by the Competent Authority.
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Article 170
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(Adoption of Arbitration Provisions)
The securities dealers association and the stock exchange shall specify in its articles of association/incorporation or its bylaws provisions relating to arbitration. Such provisions shall not be in conflict with this Act and the Arbitration Act.
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