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

venture capital management consideration on which shall be based on the company executives’ knowledge,competence, honesty and working experience. Clause 2 Person intending to establish a limited company or

 executives’ knowledge,competence, honesty and working experience. Clause 2 Person intending to establish a limited company or public limited company for operating securities business in the category of venture