KARACHI, Dec 6: The Board of Directors of the Karachi Stock Exchange made a unanimous decision to seek a legal opinion on the issue of election of chairman out of non-member directors.

A press release issued by the KSE stated that the decision was taken at an emergent meeting of the board held on Tuesday to consider the letter dated November 29, 2005 received from the Securities and Exchange Commission of Pakistan directing the KSE to amend its articles with regard to the election of chairman out of the non-member directors latest by December 9, 2005.

It said the board deliberated the matter in detail. “Since the issue involved has raised legal questions, the board unanimously decided to seek the legal opinion on the entire issue before proceeding further,” the press release concluded.