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    <description>Bullion exchanges and bullion clearing corporations require prior approval to frame bye-laws governing bullion contracts, clearing and settlement. Amendments to relevant constitutional documents and bye-laws must be approved by the governing board, and by shareholders where applicable, before approval and required publication. Applications must include governing board minutes, shareholder resolutions and public consultation. Amendments pursuant to regulatory directions or circulars are exempt from shareholder approval and public criticism.</description>
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