Securities and Exchange Act Article 113

A membership stock exchange shall have at least three directors and one supervisor elected from among its members in accordance with the provisions of the articles of association. However, at least one-third of the directors and at least one supervisor shall be elected from related experts who are non-members.The term of office of both directors and supervisors shall be three years. Successive terms in office are permissible upon re-election.The directors shall organize a board of directors and shall elect the chairman of the board from among the non-member directors with the approval of the majority of the directors.The board chairman shall serve on a full-time basis. However, this restriction shall not apply if the stock exchange has assigned another managerial officer vested with full authority to take charge of operations.Standards and regulations governing the election of non-member directors and supervisors, as referred to in paragraph 1, shall be prescribed by the Competent Authority.