(ii) four directors of Corporate Members elected pursuant to Article 89 who shall have been proposed for election by the Nominating Committee in accordance with Article 87B;
(iii) eight Individual Members or directors of Corporate Members elected pursuant to Article 89 who shall have been proposed for election by the Nominating Committee in accordance with Article 87B or nominated by Members in accordance with Article 89(b);
(iv) five persons who are neither Individual Members nor officers or employees of Corporate Members and are not in the opinion of the Council related to or connected with any Member or any such person and who shall have been appointed by the Council, after consultation with the Commissioner, as lay members of the Council; and
(v) the Chief Executive for the time being of the Exchange.
(b) Notwithstanding any other provision of these Articles, (but without prejudice to the terms of the resolution of the Committee dated 2nd January, 1988 by which the Committee delegated all of its powers to a Sub-Committee known as the Management Committee):-
(i) until the conclusion of the Annual General Meeting to be held in 1988, the members of the Council shall be those persons who are at the date of the adoption of this Article members of the Committee and the Chief Executive of the Exchange:
(ii) all such members of the Council (other than the Chief Executive) shall retire from office at the conclusion of such Annual General Meeting;
(iii) the first members of the Council within paragraphs (i), (ii) and (iii) of Article 87A(a) shall be elected at such Annual General Meeting. The provisions of Articles 89(a), (d), (e) and (f) shall apply to such Election but the provisions of Articles 89(b) and (c) shall not so apply. The persons proposed for election at such Election and the first lay members of the Council to be appointed pursuant to Article 87A(c) shall be proposed by the Council (and not by the Nominating Committee) and each such person. and the Chairman of the Council who shall be elected by the Council after the conclusion of such Annual General Meeting in accordance with the provisions of Article 91 shall first have been approved in writing by or on behalf of the Governor of Hong Kong; and
(iv) the persons elected as members of the Council as aforesaid shall assume office at the conclusion of the Annual General Meeting of the Exchange to be held in 1988.
(c) The first lay members of the Council shall be appointed by the Council at a meeting of the Council which shall be held as soon as reasonably practicable following the conclusion of the Annual General Meeting to be held in 1988.
87B. (a) A Nominating Committee shall be established consisting of six persons. appointed, subject to Article 87B(b), by the Council as follows:-
(i) three such persons shall be either Individual Members or directors of Corporate Members of whom at least one shall be an Individual Member and at least one shall be a director of a Corporate Member provided that no such person shall be a member of the Council or a person proposed for appointment to the Council; and
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