Article 6 The establishment of a stock exchange shall be subject to the examination and verification of the Securities Commission under the State Council(hereinafter referred to as the "Securities Commission") and submitted to the State Council for approval.

Article 7 The following documents shall be presented to the Securities Commission in applying for the establishment of a stock exchange:

(1) a letter of application;
(2) drafts of the articles of association and main business rules;
(3) a list of members that propose to join;
(4) a list and curricula vitae of candidates of the board of directors;
(5) explanations on site, equipment and funds;
(6) explanations on the conditions of managerial staff it proposes to employ;and
(7) other documents the presentation of which is required by the Securities Commission.

Article 8 The articles of association of a stock exchange shall contain the following particulars:

(1) purpose of establishment; (2) name;
(3) location of its main office, trading site and facilities; (4) scope of functions;
(5) membership eligibility and procedures of joining and withdrawal; (6) membership rights and obligations;
(7) disciplinary sanctions of members; (8) organization and its powers;
(9) formation, appointments and relief of the posts and the responsibilities of high-ranking managerial personnel;
(10) capital and financial matters;
(11) conditions and procedures of dissolution; and
(12) other matters that require to be stipulated in the articles of association.

Article 9 Dissolution of a stock exchange shall be submitted to the State Council for approval upon consent by the Securities Commission after examination and verification.