morality, the SEC has the power to refuse registering the persons as directors of the association. When it is apparent that the board of directors, directors or members of the associations undertake any

) ​​checking the basic individual qualifications of the applicant i.e. having extensive audit ​              experience, holding a CPA license, not possessing prohibited characteristics and

) ​​checking the basic individual qualifications of the applicant i.e. having extensive audit ​              experience, holding a CPA license, not possessing prohibited characteristics and