ISLAMABAD: The Board of Directors of Islamabad Stock Exchange during a meeting here Friday approved three years term for its directors.
The extension of the term from currently one year to three years has been given to comply with directives of Securities and Exchange Commission of Pakistan (SECP) issued on February 15, 2012.
The SECP in its directive had directed the companies limited by Guarantee' to strictly act within the ambit of the provisions of section 180 of the Companies Ordinance that directs for three years term of office for the directors, said ISE press statement issued here.
Board's approval for the change in the Articles of Association of the stock exchange specifically on the extension of three years term to the directors would now be passed to the members of the exchange for their endorsement through the extra ordinary general meeting scheduled for March 15.
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