The Collaborative International Dictionary
exercisable
exercisable \ex"er*ci`sa*ble\a. That may be exercised, used, or exerted; as, the stock options are exercisable for only five years from the date of issue.
Wiktionary
exercisable
a. Capable of being exercised, ''as'' a legal power.
Usage examples of "exercisable".
Constitution was that the power of removal was always an incident of the power of appointment, and that therefore in the case of officers appointed by the President with the advice and consent of the Senate the removal power was exercisable by the President only with the advice and consent of the Senate.
As the franchise became exercisable by greater numbers of people, the belief became widespread that Senators ought to be popularly elected in the same manner as Representatives.