1. A) Iranian Institutional Investors Association can reject the application for membership of any applicant that is subject to any of the following condition:

 

1. If the applicant for membership does not meet the conditions set by Iranian Institutional Investors Association.

 

2. If normal activities of the applicant have been suspended by Saba, or its membership in the stock exchange has been canceled.

 

3. If the applicant submitted misleading reports or has failed to submit reports and documents along with his application based on the important items mentioned in the membership application.

 

1. B) Any member is allowed to withdraw from the membership of Iranian Institutional Investors Association. For this purpose, a request for the withdrawal must be submitted to the Board of Directors one month before the process.

 

1. The Board of Directors is obliged to announce the result to the member within one month.

 

1. C) The membership of the member will be canceled in case of voluntary withdrawal or expel, and after the cancellation of the membership, the member will not be allowed to use the title of membership in the association.

 

1. D) When a member is involved in one of the following cases, Iranian Institutional Investors Association will notify the member in writing and provide a deadline of 15 days to the member for a verbal explanation; then can take the required disciplinary measures for the member as per approval of the board of directors and within the framework of disciplinary regulations. The cases are as follows:

 

1. If the member has violated the laws, regulations, rules and professional and disciplinary standards of Iranian Institutional Investors Association, its articles of association and other rules and regulations, and the approvals of the general assemblies or the board of directors;

 

2. If the notification or report specified in Article 44 of the articles of association has not been prepared or if the notification or report has been submitted incorrectly;

 

3. If the member prevents the supervisors do their duties or has refused the supervision process specified in Article 45 of the articles of association;

 

4. If the member has not been able to pay the membership or admission fees of Iranian Institutional Investors Association as specified by the Association.

 

1. E) The type of disciplinary measures specified in Article 49 may include one of the following items:

 

(a) Notice without specifying in the file, (b) Notice and specify in the file, (c) Suspension, (d) Restriction of membership or cancellation of membership.

 

1. The limits of suspension and all related cases will be specified in the professional and disciplinary rules and standards of Iranian Institutional Investors Association.

 

2. Even if the membership of a member is suspended or restricted, the member must perform all of its duties as a member of the Association during this period.

 

3. The violated member may within one month from the date of notification send its appeal and submit its defense in writing to the board of directors.

 

4. The request for re-membership of persons whose membership has been canceled cannot be submitted to the board of directors for up to two years.