Election of the Exchange Council

(1) The members of the Exchange Council are elected for a period of up to four years by the groups named in section 12(1), second to fourth sentences, each from their own membership; the representatives of investors are co-opted by the other members of the Exchange Council.
(2) Undertakings belonging to more than one of the groups named in section 12(1), second to fourth sentences may vote in only one group. Affiliated undertakings may be represented on the Exchange Council by only one member.
(3) The members of the Exchange Council must be reliable and possess the required professional suitability. Section 4b(1) and (2), second sentence apply accordingly.
(4) The details of the term of office of the Exchange Council, the division into groups, the exercise of the right to vote and eligibility, the conduct of the election and the premature termination of membership of the Exchange Council are determined by statutory instrument of the Land government after hearing the Exchange Council. The Land government may transfer this authorisation, by statutory instrument, to the exchange supervisory authority. The statutory instrument must ensure that all groups named in section 12(1), second to fourth sentences are appropriately represented. It may further provide that, on the premature departure of a member, a successor for the remainder of the term of office is co-opted from the membership of the respective group by the other members of the Exchange Council.