The Exchange shall be managed by a Board of Directors formed of a Chairman and a Vice Chairman, who shall replace the Chairman in case of the Chairman’s absence, and six members who shall be elected and chosen by the general assembly of the company subject to the approval of the Board. The Chairman of the Exchange’s Board of Directors, or his authorized deputy, shall inform the Board of the names of candidates for the membership of the Exchange’s Board of Directors at least thirty days prior to the date of the company’s general assembly meeting for election of the Members of the Board of Directors. Within fifteen days of being notified of such a nomination, the Board may object by a reasoned decision to any of such candidates for not fulfilling the required conditions. Such objection shall exclude the candidate from eligibility for membership of the Board of Directors. No candidate shall be nominated to the general assembly of the company if the Board has not been notified of that nominee, nor where an objection has been raised against that candidate as per the provisions of this Article. The Board may request the Exchange’s Board of Directors to displace any member who, during the tenure of his position, no longer meets any condition of those set out under the previous Article, or if such action is deemed appropriate to maintain the safety of investors’ assets or is in the Exchange’s interest. In case of failure to displace this member, the Board may issue a reasoned decision to terminate any of the members from their position, and notate that order in the Authority’s records.