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

deceases, resigns, or whose approval is revoked by the SEC Office, or where a securities company is part of a financial conglomerate with a shareholding structure, internal audit and supervision by other

deceases, resigns, or whose approval is revoked by the SEC Office, or where a securities company is part of a financial conglomerate with a shareholding structure, internal audit and supervision by other

Securities Dealing which are not Debt Instruments (No. 9) dated 2 May 2006. (Unofficial Translation) Page 4 of 12 9 In case the independent director deceases, resigns or SEC has annulled the approval, or

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

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

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

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

Exchange Commission. Clause 2. In cases 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

investment contract expires. Such aforesaid conduct of Marnfah Group was liable to public offering of securities without approval in the category of debenture in violation of Section 33 of the Securities and