Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 77

Financial Secretary may appoint not more than 8 persons to board of directors of HKEC

(1) Notwithstanding any enactment or rule of law but subject to subsection
(2), the Financial Secretary may appoint not more than 8 persons to be members
of the board of directors of the HKEC where the Financial Secretary is
satisfied that it is appropriate to do so in the interest of the investing
public or in the public interest.

(2) The Financial Secretary shall exercise his power under subsection (1) in
such a way that immediately following the annual general meeting of the HKEC
held in 2003 and thereafter, the number of members of its board of directors
who are such members by virtue of an appointment under that subsection is not
more than the maximum number of members of that board who may be such members
otherwise than by virtue of such an appointment (but excluding the chief
executive of the HKEC).

(3) Subject to subsection (4), a member of the board of directors of the HKEC
who is such a member by virtue of an appointment under subsection (1) shall
have the same rights, privileges, obligations and liabilities under any
enactment or rule of law as a member of that board who is such a member
otherwise than by virtue of such an appointment.

(4) Notwithstanding any enactment or rule of law, no person appointed under
subsection (1) as a member of the board of directors of the HKEC may be
removed from that office by a resolution of the other directors of the board
or a special resolution of the HKEC.

(5) In this section, "HKEC" (交易結算公司) means the company
incorporated under the Companies Ordinance ( Cap 32) and registered under that
Ordinance by the name Hong Kong Exchanges and Clearing Limited.

"HKEC" (交易結算公司)