Futures Trading Act Article 27

A membership futures exchange shall have at least three board directors and one supervisor elected from among its members in accordance with the articles of association. At least one-fourth of the directors shall be elected from among non-member experts, half of whom shall be appointed by the Competent Authority and the remaining shall be selected by the Board with the approval of the Competent Authority. The selection procedures for such directors shall be prescribed by the Competent Authority.The term of office of both directors and supervisors shall be three years. Successive terms in office are permissible upon re-election or reappointment.The directors shall establish a board of directors and elect a chairman with the consent of the majority of the directors.The board chairman shall be a full-time executive officer. This requirement shall not apply, however, if the membership futures exchange has assigned another managerial officer vested with full authority to take charge of its operation.