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Frequently Asked Questions
  What happens if a company no longer complies with the audit committee composition requirement because an audit committee member can no longer be considered independent?
Identification Number 94
Pursuant to Listing Rule 5605(c)(4), if an audit committee member ceases to be independent for reasons outside the member's reasonable control, the audit committee member may remain on the audit committee until the earlier of the company's next annual meeting of shareholders or one year from the occurrence of the event that caused the failure to comply with this requirement. A company relying on this provision must provide notice to Nasdaq immediately upon learning of the event that caused the director to be considered non-independent.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 94
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