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Relevant Laws

Title：Securities and Exchange Act (2023.06.28)
Article 105 (Articles of Association)
    The articles of association of a membership stock exchange shall contain the following particulars:
  1. objectives.
  2. name.
  3. location of the head office and the location of the centralized securities exchange market.
  4. matters concerning the eligibility for membership.
  5. matters concerning the number of memberships.
  6. matters concerning the discipline of members.
  7. matters concerning the membership contributions to the stock exchange.
  8. matters concerning the withdrawal from membership by a member.
  9. matters concerning the directors and the supervisors.
  10. matters concerning the meetings.
  11. matters concerning the settlement and clearing fund to be deposited by members.
  12. matters concerning the membership dues to meet operating expenses.
  13. matters concerning the performance of business operation.
  14. matters concerning the disposal of residual assets upon dissolution.
  15. matters concerning accounting.
  16. method of public announcement.
  17. any other matters as required by the Competent Authority.
Article 113 (Numbers and Qualifications of Directors and Supervisors)
    A membership stock exchange shall have at least three directors and one supervisor elected from among its members in accordance with the provisions of the articles of association; however, at least one third of the directors, and at least one supervisor, shall be elected from related experts who are non-members.
    The term of office of both directors and supervisors shall be three years; re-election shall be permissible.
    The board of directors shall be formed by directors; the chairman of the board, who shall be a non-member director, shall be elected by a majority vote of the directors.
    The board chairman shall be a full-time executive officer; however, this restriction shall not apply if the stock exchange has assigned a managerial officer vested with full authority to take charge of operations.
    Standards and regulations governing the election of non-member directors and supervisors as referred to in paragraph 1 shall be prescribed by the Competent Authority.
Article 170 (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.