where any independent director of a securities company passes away or resigns or his/her approval is revoked by the Office, the securities company shall appoint a new independent director within 90 days

Capital Market Business . Clause 5 In case an independent director dies, resigns or vacates from the position, an intermediary shall proceed to have a new one for the replacement within 90 days as from the

company shall have independent directors in the number of at least one-fourth of its board of directors. In cases where an independent director of a securities company deceases, resigns, or whose approval

are independent directors. In cases in which an independent director of the derivatives broker dies, resigns, or his or her approval by the SEC office is revoked; or in the case that the derivatives

deceases, resigns or SEC has annulled the approval, or securities company is part of the financial conglomerate which has shareholder structure, internal audit and supervise by the official agency as SEC has