2.01 The management and control of GASCI shall be vested in the Board.
Functions of the Board
2.02 The Board shall have the power to administer, manage, formulate and give
directions in relation to the affairs of GASCI.
2.03 Without prejudice to rule 2.02 the following powers shall be vested in the
Board, to be exercised in such manner, on such terms and at such times as it
shall see fit -
(a) to determine applications for membership of GASCI;
(b) to appoint any person to be a member of a committee formed for general or
specific tasks for such duration as it sees fit, and to remove him there from;
(c) to give directions to the General Manager and any committee in accordance
with these rules;
(d) to vary, supplement or discharge, whether wholly or in part, any decisions
that may be reached by the General Manager or any of the committees on such
terms as it sees fit;
(e) to delegate any of its powers to any person including the General Manager
and any of the committees and to revoke such delegation;
(f) to interpret any provision in these rules and the validity of any act made
pursuant thereto in the event of any dispute or difference over such rules;
(g) to give and issue directions in the form of circulars to members from time
to time for the purpose of enforcing or implementing the articles and these
(h) to order an investigation into the affairs of any member or an
representative suspected of having violated any of the provisions of these rules
and for this purpose, to inspect and demand the production of all books,
accounts, records and any other documents which it may deem necessary and to
engage an accountant or any other person to assist in the investigation;
(i) to reprimand, fine, suspend or expel any member or representative and to
exercise such other disciplinary measures as are provided in these rules;
(j) to suspend all or part of any trading activity in the event of an emergency
and to take such remedial action as it thinks fit;
(k) to grant, suspend or revoke the trading privileges of any member or
(1) to appoint or remove the General Manager;
(m) to enforce any directions given by the Council or an authorised officer of
(n) to determine the admission of securities to the Official List;
(o) to exercise such other powers as are necessary to enforce these rules.
2.04 The Board may establish such committees, standing or ad hoc, as it sees
2.05 The Board may appoint any person to be a member of a committee whether that
person is a member or not; provided that at least one member shall be appointed
in respect of every committee.
2.06 All members of a committee shall vacate office one year after their
appointment unless they are re-appointed by the Board.
2.07 The Board may fill any casual vacancies that may occur in a committee by
reason of resignation, retirement or otherwise.
2.08 Any reference or assignment to a committee and every appointment under rule
2.05 or 2.07 may be withdrawn or revoked by the Board at any time, and no such
reference or appointment shall prevent the performance by the Board of any of
Proceedings of committees
2.09 A committee may elect any of its members to be chairman and may regulate
its own procedure and business; in the exercise of its powers a committee shall
be subject to and act in accordance with any direction given to it by the Board.
2.10 Meetings of a committee shall be held at such times and places as the
chairman of that committee may, subject to rule 2.09, determine.
2.11 The General Manager, who shall not be a member or an officer or employee of
a member, shall be appointed by the Board and shall hold office upon such terms
as may be prescribed by the Board. The General Manager shall have the general
supervision of and be responsible for the day to day management of GASCI and
supervision of members as provided in these rules.
2.12 The General Manager shall carry out the directions, orders and decisions of
the Board or of any of the committees.
2.13 The General Manager shall, subject always to the overriding right and power
of the Board, hold and exercise all such powers vested in the Board and
committees as shall not have been conferred upon and expressly required to be
exercised by the Board.
2.14 Without prejudice to rule 2.13 and any other provisions in these rules
expressly conferring power upon the General Manager, the General Manager shall
have such powers as the Board or any committee may confer upon him including, in
particular, the following powers:
(a) to supervise trading activities, the clearing and settlement of trades, and
to take all necessary steps to maintain orderly and efficient trading in
accordance with these rules, and to suspend trading in any issue of securities
or by any member as provided for in these rules or as directed or authorised by
the Board, any committee or the Council;
(b) to be responsible for the employment of staff of GASCI;
(c) to report periodically to the Board on all matters concerning GASCI or on
such occasions as may be expedient;
(d) to scrutinise and manage all matters relating to membership, including
applications for membership;
(e) to ensure good order and behaviour in GASCI premises and for this purpose,
to refuse entry to any person and to remove, or deny access to, any person from
GASCI premises or trading systems; and
(f) to attend all meetings of the committees.