31C. Establishment of Audit Oversight Board

an executive chairman; and

six non-executive members.

must possess knowledge and experience in finance, business, or in any other relevant discipline;

must be individuals of integrity and reputation who have demonstrated commitment to the interests of investors;

must understand the responsibilities for and the nature of financial disclosures as required by public interest entities or schedule funds.

be employed by any other person or be engaged in any other professional or business activity;

be a director or controlling shareholder of ay public interest entity or schedule fund, its related corporation or associate company;

have any share in any of the profits of an accounting or auditing firm; and

receive payment from any accounting or auditing firm or from any other person as may be specified by the

is entitled to exercise, or control the exercise of, not less than fifteen per centum of the votes attached to the voting shares in a company;

has the power to appoint or cause to be appointed a majority of the directors of a company; or

has the power to make or cause to be made, decisions in respect of the business or administration of a company, and to give effect to such dcisiosn or cause them to be given effect to.