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Article 105
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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 established by it.
4. Matters concerning 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 applications for withdrawal from membership by members.
9. Matters concerning the directors and the supervisors.
10. Matters concerning meetings.
11. Matters concerning member deposits and the settlement and clearing fund.
12. Matters concerning the apportionment of membership expenses.
13. Matters concerning the execution of business.
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.
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Article 113
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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. Successive terms in office are permissible upon re-election.
The directors shall organize a board of directors and shall elect the chairman of the board from among the non-member directors with the approval of the majority of the directors.
The board chairman shall serve on a full-time basis. However, this restriction shall not apply if the stock exchange has assigned another 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.
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Article 170
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Securities associations and stock exchanges shall specify in their articles of association/incorporation or rules provisions relating to arbitration. Such provisions shall not conflict with this Act or the Arbitration Act.
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