a. The regulations and rules of the Exchange shall specify the terms and requirements of the membership of the Exchange.
b. The Exchange shall be managed by a Board of Directors comprising nine members who shall be appointed by a Council of Ministers Resolution upon nomination by the chairman of the Board of the Authority and who will choose from among them a chairman and a vice chairman. The membership will be as follows:
- A representative of the Ministry of Finance.
- A representative of the Ministry of Commerce and Industry.
- A representative of the Saudi Arabian Monetary Agency.
- Four members representing licensed brokerage companies.
- Two members representing the joint stock companies listed on the Exchange.
c. The term of the membership at the board of directors of the Exchange shall be three years renewable one or more times.
d. The regulations and instructions issued by the Board of the Authority shall specify the procedures related to convening the meetings of the Board of Directors of the Exchange, the decisions making process at the board of directors, the plans for conducting the affairs of the board of directors, the powers and responsibilities entrusted to each of the board of directors and the executive manager and all other related administrative and financial affairs.
e. The board of directors of the Exchange shall appoint an executive manager with the approval of the Board of the Authority. The manager appointed shall not have the right to perform any other governmental or commercial work or to have any interest or ownership in any brokerage company on the Exchange. The executive manager may be removed from his position by decision of the board of directors of the Exchange.
