TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 155

such Annual General Meeting and the names of the members of the Council retiring at the Annual General Meeting at which such Election is to be held.

(D) The Nominating Committee shall prepare a list of candidates proposed by it for election in respect of each vacancy within paragraphs (i) and (ii) of Article 87A(a) and shall deliver such list to the Secretary of the Exchange at least 30 days before the date of an Annual General Meeting at which an Election is to be held which shall contain a description of each candidate sufficient (in the opinion of the Nominating Committee) to enable Members to assess the qualifications and relevant experience of such candidates. The Nominating Committee may also, but shall not be bound to, propose candidates in respect of vacancies within paragraph (iii) of Article 87A(a). The Nominating Committee shall not include any person as a candidate on any such list without first obtaining that person's written consent. So far as, in the opinion of the Nominating Committee, it is practicable:-

(i)

the Nominating Committee shall propose not less than two candidates for a single vacancy in any category and not less than three candidates for every two vacancies in any category at any Election; and

(ii) the Nominating Committee shall not propose a candidate who, in the opinion of the Nominating Committee, is related to or connected with, another candidate or member of the Council.

88. (a) At the conclusion of each Annual General Meeting (other than the Annual General Meeting to be held in 1988) one-third of the members of the Council within each of paragraphs (i) to (iii) of Article 87A(a) (being those who have been longest in office) shall retire from office but subject to the provisions of these Articles shall be eligible for re-election. If the number of members of the Council within each of paragraphs (i) to (iii) of Article 87A(a) is not divisible by three the number of members of the Council elected pursuant to each such paragraph who shall retire at that Annual General Meeting shall be the number nearest to one- third.

(b) For the purpose of determining which members shall retire from office. the length of time a member of the Council has been in office shall be computed from the date of his last election. As between members of the Council who have been in office for an equal length of time those who shall retire as aforesaid shall be determined by lot.

(c) No person, other than the Chief Executive of the Exchange and the lay members of the Council, may remain a member of the Council for more than six consecutive years but a member of the Council who has served for such period shall be eligible for appointment or election as a member of the Council after a further period of not less than one year. A member of the Council who, by reason of this Article 88(c), is no longer eligible for appointment or election as a member of the Council shall remove from Article at the Annual General Meeting immediately following the sixth consecutive year of office. For the purposes only of this Article 88(c), no period of service as a member of the Committee prior to the Annual General Meeting to be held in 1988 shall be taken into account.

(d) No more than one director of any one Corporate Member may be a member of the Council at any one time.

(e) Lay members of the Council shall retire from office on (or, if so determined by the Council, before) the third anniversary of the date of this appointment or re-appointment but, subject to the provisions of these Articles, shall be eligible for re-appointment by the Council, after consultation with the Commissioner.

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