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Article 53
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(Disqualifications and Discharge of Directors, Supervisors, or Managerial Officers)<br/>No person who falls within any of the following categories shall serve as the director, supervisor, or managerial officer of a securities firm; those appointed and currently serving in any of these capacities shall be discharged; the Competent Authority shall also make written request to the Ministry of Economic Affairs to void the registration of such person as a director, supervisor, or managerial officer:<br/>1. Any person specified in any subparagraph of Article 30 of the Company Act.<br/>2. Any person who served as the director, supervisor, managerial officer or other equivalent position in a juristic person at the time when it was adjudged bankrupt, and that three years have not elapsed since the finalization of the bankruptcy, or that the reconciliation has not yet been fulfilled.<br/>3. Any person with whom in the last three years a financial institution has refused to transact, or who has a bad credit record.<br/>4. Any person who has been sentenced under this Act to a criminal penalty of severity equal to or greater than the imposition of a criminal fine, and three years have not elapsed since the completion of sentence execution, the expiration of suspension of sentence, or the pardon of such punishment.<br/>5. Any person who has violated the provision of Article 51 hereof.<br/>6. Any person who was discharged from his position under Article 56 or subparagraph 2 of Article 66 hereof within the last three years.
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