Article 37 Of Chapter 3
Section: Securities Exchanges
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 an Executive Director or more appointed by the Board of Directors after the Authority’s approval and pursuant to the controls it may specify. The Executive Director is entitled to manage the Exchange, and the Board of Directors shall specify his/her allocations and authorities. It is prohibited to conjoin the position of the Chairman of the Board of Directors with the position of the Executive Director.
* Article (37) 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.