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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