The basic rule is, “On a sunny day set aperture to f/16 and shutter speed to the [reciprocal of the] ISO film speed [or ISO setting] for a subject in direct sunlight”.
On a sunny day and with ISO 100 film / setting in the camera, one sets the aperture to f/16 and the shutter speed to 1/100 or 1/125 second (on some cameras 1/125 second is the available setting nearest to 1/100 second).
On a sunny day with ISO 200 film / setting and aperture at f/16, set shutter speed to 1/200 or 1/250.
On a sunny day with ISO 400 film / setting and aperture at f/16, set shutter speed to 1/400 or 1/500.
As with other light readings, shutter speed can be changed as long as the f-number is altered to compensate, e.g. 1/250 second at f/11 gives equivalent exposure to 1/125 second at f/16. More in general, the adjustment is done such that for each step in aperture increase (i.e., decreasing the f-number), the exposure time has to be halved (or equivalently, the shutter speed doubled), and vice versa. This follows the more general rule derived from the mathematical relationship between aperture and exposure time — within reasonable ranges, exposure is proportional to the square of the aperture ratio and proportional to exposure time; thus, to maintain a constant level of exposure, a change in aperture by a factor c requires a change in exposure time by a factor 1/c² and vice-versa. Steps in the aperture always correspond to a factor close to the square root of 2, thus the above rule.
Source: Wikipedia & Graphic design By Dennis Knol