TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 23

Chief Executive

- 3-

8.

The Chief Executive has to be approved by the Commission (whether the existing Commission or the new SFC). Any approval can be subsequently withdrawn by the Commission and the Board of HKFE cannot remove the Chief Executive without the prior written consent of the Commission. (Article 84)

Membership

9.

There will be four categories of membership, as follows:

(a) Floor Trader entitled only to trade on his own

account (either an individual or corporation).

(b)

Floor Futures Broker entitled to trade on his

own account and for the account of other members of HKFE (either an individual or corporation).

(c)

Futures Commission Merchant

--

entitled to trade

(a)

on his own account, for the account of other members of HKFE and for the account of clients (a corporation only).

Merchant Trader entitled only to trade on his own account and only ancillary to his principal business or that of his holding company (a corporation only).

(All the above categories of member, who shall all be shareholders, are entitled to trade on the floor of

HKFE in any Market Division.)