The Chairman of the Board of the Exchange shall represent the Exchange before others and the courts, in addition to other competences stated in the Memorandum and Articles of Association, and shall also execute the Board of Directors’ decisions. The Exchange shall have a Chief Executive Officer or more appointed by the Board of Directors after the Authority’s approval and pursuant to the controls it may specify. The Chief Executive Officer is entitled to manage the Exchange, and the Board of Directors shall specify his remuneration and authorities. It is prohibited to conjoin the position of the Chairman of the Board of Directors with the position of the Chief Executive Officer.