stet
· 2 ·
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の
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The need
for the temporary provisions set out in
the Bill arises from two inter-related issues. First, under section 122 of the Companies Ordinance, the accounts and balance sheet of the Exchange Company must be laid before an annual general meeting within nine months from
the end of each financial year. Since the Futures tel
Exchange's last financial year ended on
on 31 December 1987,
the next annual general meeting should be held by the end
of September 1988.
2
بھر
Secondly, the articles of association of the
Je Exchange Company provide that the Government was to appoint
の
the whole of the Exchange Company's initial
initial board of came
directors after the articles had come into effect in 1985.
In the second year, 1986, two/thirds of the board was to be le government appointed, and in the third year, 1987; These provisions to appoint government
We onefthird.
Je directors will, however, expire
when the Exchange Company holds its 1988 annual general meeting. In the fourth year, and thereafter, there can be no government appointed
the board of the futures Exchange under the tet
be
director on
provisions of the articles. All directors must be elected from amongst members of the Exchange.