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DSE now allows re-election of retired board members
Dhaka Stock Exchange has brought dbout some changes in its Memorandum and Articles of Association, allowing retiring board members to take part in bourse elections.
Prior to the changes, a retiring director was not eligible for being re-elected for the following two years. One third of the directors, or four directors, retire from the board every year.
“With the changes in place, retired directors can take part in subsequent elections if they want," DSE President Rakibur Rahman told The Daily Star yesterday after an extraordinary general meeting (EGM).
“The election is now open for all. Let everybody compete in the polls," Rahman said.
More than 100 DSE members attended the EGM at Purbani Hotel in Dhaka.
Some DSE members however said the changes were made as the incumbent president desires to remain in the post longer.
As per yesterday's changes, the election commission will prepare a notice for all members enlisted as voters, to call for nominations to fill the vacancies in the board, no less than 17 days before the election date.
Previously, the notice was served no less than 30 days before the election date.
According to the new rules, the election commission will prepare the polling schedule and send a copy of the same to each DSE member at least 50 days before the date of the election.
The previous clause said the commission will prepare the election schedule to elect councillors and send the copy of the same to each member of the exchange under certificate of posting at least 50 days before the date of election.
Now the commission shall prepare a voters list, incorporating all the names of the exchange members, and publish it in the bourse's notice board at least 18 days before the polling date.
The previous clause said the voters list will be published at least 40 days before the election date.
As per the amendment, names of the candidates for election will be proposed by one member while another member, whose name appeared in the voters list and was sent to the election commission no less than 14 days ahead of the election (that was 21 days before), seconds the motion.
The election commission will send the candidates names to all members no less than six days, instead of the previous 14 days, before the date of the election.