Executive director financial powers mandated; broker directors barred from signing cheques or operating exchange bank accounts. Exchanges must vest adequate financial authority in Executive Directors, with the Governing Board fixing cheque signing limits for executives and higher value authorizations reserved to authorized office bearers. Because brokers are barred from office bearer positions and broker directors cannot sign cheques, exchanges must expressly provide in their rules that no broker director may sign cheques or operate any bank accounts on behalf of the exchange.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Executive director financial powers mandated; broker directors barred from signing cheques or operating exchange bank accounts.
Exchanges must vest adequate financial authority in Executive Directors, with the Governing Board fixing cheque signing limits for executives and higher value authorizations reserved to authorized office bearers. Because brokers are barred from office bearer positions and broker directors cannot sign cheques, exchanges must expressly provide in their rules that no broker director may sign cheques or operate any bank accounts on behalf of the exchange.
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