A futures exchange organized as a company shall be a company limited by shares. The shareholding of any shareholder shall not exceed five percent of the paid-in capital of the company unless an approval is granted by the Competent Authority under special circumstances.

The articles of incorporation of a futures exchange organized as a company shall be executed in accordance with the Company Act. The following particulars shall not be effective unless they are specified in the articles of incorporation:
1. Qualifications of traders.
2. Establishment of a clearing department.
3. Any other matters required by the Competent Authority.

At least one-fourth of the directors and supervisors of a futures exchange organized as a company shall be non-shareholder experts in relevant fields, half of whom shall be appointed by the Competent Authority, and the remaining half shall be selected by the Board subject to approval by the Competent Authority. The selection procedures for such board members shall be prescribed by the Competent Authority, and Article 192, paragraph 1 and Article 216, paragraph 1 of the Company Act shall not be applicable.

A futures exchange organized as a company shall not issue bearer stocks.
Persons to whom the stock of a futures exchange organized as a company may be transferred or pledged are limited to lawfully established futures commission merchants, securities firms, securities finance enterprises, banks, or securities and futures-related institutions for which the Competent Authority has granted approval.

A futures exchange organized as a company shall establish a business committee and a discipline committee, and at least one-third of the members of each committee shall consist of futures commission merchants trading on the exchange.
The organization and responsibilities of the committees referred to in the preceding paragraph shall be filed with the Competent Authority for approval.

Futures commission merchants trading in a futures exchange organized as a company shall enter into a contract for the use of the centralized futures trading market with the exchange specifying the following:
1. The rate of futures trading processing fees.
2. Any futures commission merchant who violates any subparagraph of paragraph 1 of Article 25 of this Act shall be punished with a monetary penalty for breach of contract, have its trading suspended or restricted, or have its contract terminated.
3. Any futures commission merchant who has been designated to wind up and liquidate trades made by other futures commission merchants shall have the obligation to perform in accordance with the contract.
The contract referred to in the preceding paragraph, together with other relevant materials, shall be filed by the futures exchange with the Competent Authorities for its approval and recordation.

The contract referred to in the preceding Article shall be terminated either pursuant to the provisions of the contract, or upon the dissolution, withdrawal of business permission, or cessation of business of either party to the contract.

A futures exchange organized as a company that terminates a contract with a futures commission merchant pursuant to Article 39, paragraph 1, subparagraph 2 of this Act shall file with the Competent Authority for recordation.

When a futures commission merchant terminates a contract pursuant to Article 40 of this Act or is suspended from trading, it shall bear the obligation to wind up and liquidate its trades in the centralized futures trading market.

When the Competent Authority deems it necessary, it may order a futures exchange organized as a company, when distributing earnings, to allocate a certain proportion as a special reserve in addition to the legal reserve required by law.
The rate for allocation per annum of the special reserve under the preceding paragraph shall be determined by the Competent Authority depending upon the earnings status of the futures exchange.

The provisions of Article 28, Article 30, and Article 32 of this Act shall apply mutatis mutandis to a futures exchange organized as a company.