SECTION 162. Apart from the expiration of the term of office, the office of the director of the Securities Exchange shall be vacated upon:

(1) death;

(2) resignation;

(3) removal by resolution of the SEC;

(4) lack of qualifications or possession of prohibited characteristics under Section 160.

 

In cases where the office of a director of the Securities Exchange is vacated prior to expiration of the term of office, the SEC or the members under Section 158 shall appoint or elect another person to assume the office, as the case may.

 

SECTION 163. The provisions of the second paragraph of Section 10, the second paragraph of Section 11, Section 12 and Section 13 shall apply mutatis mutandis.

 

SECTION 164. The board of directors of the Securities Exchange shall appoint the manager of the Securities Exchange who shall receive salary and other remunerations as specified by the board of directors of the Securities Exchange.

 

The manager of the Securities Exchange shall hold office for a term of not exceeding four years and may be re-appointed.

 

SECTION 165. The manager of the Securities Exchange shall:

(1) have qualifications and not possess the prohibited characteristics under Section 160;

(2) be able to work full-time for the Securities Exchange.

 

SECTION 166. Apart from the expiration of the term of office, the position of the manager of the Securities Exchange shall be vacated upon:

(1) death;

(2) resignation;

(3) reaching the age of sixty;

(4) removal by resolution of the board of directors of the Securities Exchange;

(5) lack of qualifications or possession of prohibited characteristics under Section 160.

 

The resolution of the board of directors of the Securities Exchange removing the manager of the Securities Exchange from the office shall be passed by not less than three fourths of the votes of all directors of the Securities Exchange not including the vote of the manager of the Securities Exchange.

 

SECTION 167. The manager of the Securities Exchange has the duty to manage the operation of the Securities Exchange in accordance with the policy and rules and regulations of the board of directors of the Securities Exchange and has authority over the officers and employees of the Securities Exchange.

 

In the management of the operation of the Securities Exchange, the manager of the Securities Exchange shall be responsible to the board of directors of the Securities Exchange.

 

SECTION 168. The manager of the Securities Exchange shall be the representative of the Securities Exchange in the business of the Securities Exchange relating to third persons, and for this purpose, the manager of the Securities Exchange may authorize any person to perform any act to the extent that such authorization is not contrary to the rules or regulations specified by the Board of the Directors of the Securities Exchange.

 

The authorization under the first paragraph shall be made in writing.

 

SECTION 169. When the office of the manager of the Securities Exchange has become vacant or when the manager cannot fulfil his duty, the board of directors of the Securities Exchange shall appoint one of the directors or officers of the Securities Exchange to temporarily perform the duty of the manager of the Securities Exchange. In this regard, such person shall have the power and duty of the manager of the Securities Exchange.

 

SECTION 170. The board of directors of the Securities Exchange shall have the power and duty to formulate policies, supervise the operation of the Securities Exchange and perform any other function in accordance with this Act.

 

The powers and duties of the board of directors of the Securities Exchange under the first paragraph shall include the issuing of rules or regulations on the following matters:

(1) rules, conditions and procedures concerning the acceptance and the withdrawal of listed securities;

(2) rates for fees charged by brokers or agents in the trading of listed securities;

(3) rules and procedures concerning membership of the Securities Exchange, election of the directors of the Securities Exchange in accordance with Section 159, the numbers, procedures for admission, qualifications, rights and duties, disciplines, punishment, meetings, as well as the transfer and termination of membership in the Securities

Exchange;

(4) determination of the admission fees for membership, subscription fees, deposits and other service charges payable by members to the Securities Exchange;

(5) rules concerning additional requirements for accounting and auditing to the extent that such requirements are not contrary to the standards as specified by a professional institute approved by the relevant government authorities;

(6) announcement of the names of the auditors who have been given an approval by the board of directors of the Securities Exchange to audit the accounts of the companies whose securities are listed in the Securities Exchange;

(7) rules, conditions and procedures concerning the preparation of the register of the listed securities' holders, disclosure of the financial condition and the business operation of the companies whose securities are listed in the Securities Exchange;

(8) rules, conditions and procedures concerning the preparation of agreements appointing a broker or agent for the trading of listed securities in the Securities Exchange for customers and securities companies which are not members;

(9) rules, conditions and procedures concerning the trading of listed securities in the Securities Exchange, the permission for members to trade listed securities outside the Securities Exchange and the settlement and delivery of listed securities which are traded in the Securities Exchange;

(10) rules, conditions and procedures concerning a temporary suspension of trading of listed securities in the Securities Exchange;

(11) rules, conditions and procedures concerning the inspection of documentation and accounts of members;

(12) daily trading hours and holidays for the trading of listed securities in the Securities Exchange;

(13) rules, conditions and procedures concerning the preparation and the disclosure of reports on the holding of securities, and the determination of time for certifying the transfer of securities and issuing securities certificates;

(14) placement, appointment, removal of officers and employees, disciplines and punishment for officers and employees of the Securities Exchange, as well as the petition for grievances and the rules and procedures for the operation of the Securities Exchange;

(15) determination of positions, scales of salaries, wages and bonuses of officers and employees;

(16) welfare and assistance to present and retiring officers and employees including their families;

(17) any other matters necessary for the operation of the Securities Exchange.

 

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