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REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 555] NEW DELHI, FRIDAY, DECEMBER 8, 1967/AGRAHAYANA 17, 1889 Separate paging is given to this Part in order that it may be filed

as a separate compilation

MINISTRY OF FINANCE

(Department of Economic Affairs)

STOCK EXCHANGE DIVISION

NOTIFICATION

New Delhi, the6thDecember,1967

Conditions

(I) The Articles of association of the Exchange shall provide for the appointment of a whole-time President or Chirman of Executive Director, is may be designated. who shall be an ex-officio member of the Board of Directors thereof and also a member of every committee or sub-committee appointed by the Board of Directors and in whom shall vest the executive powers of the Exchange to run the day-to-day administration and toenforcethe rules, bye-laws and regulations of the Exchange. The appointment of such a whole-time President or Chairman or Executive Director as the case may be, and the terms and conditions of such appointment shall be subject to the previous approval of the Central Government. The Exchange shall ensure that the person so appointed doesnotengageinanybusiness,d i r e c t ly or indirectly during his incumbency: and if the (1797) tyjS THE CA7KTTE OF INDIA EX1RAQRJPI.NARV [P^m Il-Sit. 3 (ii) ] person so appointed js a member of ihc lixcbange, he shall resign hit membership thcrcol forthwith. The person so appointed sh-.UI not be dismissed or removed from the office without the previous approval of (he CenlraJ Government.

|2> The Articles of association ol [lie Fxchunue shall provide —

fa) for nomination on the Board of Directors, of a person who is unconnected with securities business an'd who is of public eminence in the locality and such nomination shall be made by the Hoard of Directors uith the pre- vious approval of the Central Government;

(h) (hat ono-tbinl of the membeis elected lothe Boaid ol Directors sha.ll relne each year by rotation hut the reiiiinp members shall be eligible foe re- election;

(o) (hat every member before he exercise the privilege ot membership, such us doing business on the Exchange, shall be required to make a membership/ security deposit of five thousand rupees and shall maintain such deposit with the Exchange at all pmes- he is carrying on business on the Exchange; td) iliiit no membership/security deposit sh;iH be accepted otherwise than in the form of deposit of cash or deposit receipt of u scheduled bank or in sgcuri- n'es of listed companies -approved by the Boitrd of Directors or in such other form as the Board of Directors may, with the previous approval of ilic ("entrnl Government, decide from time to time;

i t) that no member, who doc^ not maintain a rnemberslnp/securitv depos.it oi five thousand rupees with (he Etchiinnc and who is not carrying on business on the Exchange, shall be eligible for ekxtion lo the Board of Directors and any member who. sifter. ">uch election, fajls to maintain a membership/ security deposit of five thousand rupees with iho Exchange and ceases to carry on business on the Exchange shall forthwith cease to be a member of the Board of Director; or of any committee or sub-committee appointed by it.

d) The aforesaid conditions shall be complied with by the Exchange as early nt possible but in no c&'e later th;m the Nth Pceember, T568.

[No. F. l/7/M./(.7.1 S. S. SHIRAT.KAR, Addl, Secy.

PRINTED IN INDIA BY THE GENERAL MANAGEK, GOVERNMENT OF INDIA PBESfi. NEW DKJ.III iiND PUULISHED DY Tiff; MANAr,KX OF PUBLICATIONS, D^TJIT, 1967