Securities Investment Trust and Consulting Act Article 85

The Securities Investment Trust and Consulting Association shall install at least three directors and one supervisor, all of whom shall be elected by the general meeting of members from among the member delegates in accordance with the articles of association. Provided, at least one-fourth of each of the directors and supervisors shall consist of related experts, among whom at least half shall be appointed by the Competent Authority, and the remainder shall be appointed by the boards of directors and supervisors and ratified by the Competent Authority. The rules governing such appointments shall be prescribed by the Competent Authority.The directors and supervisors shall serve for a term of three years. Those serving by re-election may not exceed one-half. If those serving by re-election exceed one-half, they shall be kept or eliminated on the basis of the relative numbers of votes they received, with the resultant vacancies to be occupied by member delegates not serving by re-election, likewise based sequentially upon the relative numbers of votes that they received. The chairman of the board of directors is eligible for re-election once only.