Article 36 Of Chapter 3
Section: Securities Exchanges
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 latter’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 with the names of candidates for the membership of the Exchange’s Board of Directors at least 30 days prior to date of the company’s general assembly meeting for election of the Board of Directors. The Board of Commissioners, within fifteen days of being notified, 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 proposed to the general assembly of the company if the Board has not been notified of that nominee, or where an objection has been raised against that candidate as per the provisions of this Article. The Board of Commissioners may request the Exchange’s Board of Directors to displace any member – while holding his position – if the latter no longer meets a condition of those stipulated under the previous Article, or if this action is deemed appropriate to maintain safety of investors’ assets or is in the Exchange’s interest. In case of failure to displace this member, the Board of Commissioners may issue a reasoned decision to terminate any of the members from their position, and notate that order in the Authority’s records.
* Article (36) is amended pursuant to Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities.