Article 12. DUTIES OF THE BOARD OF DIRECTORS

  1. Subject to the constraints imposed under the Articles, the Board is charged with directing the Association.
  2. Even if the number of Directors falls below the minimum number stipulated in the relevant Article, the Board shall remain competent.
  3. The Board is authorized to delegate certain of its duties under its responsibility to committees.
  4. The Board shall be authorized to appoint an Executive Director (Manager) whose powers and duties shall be set out in a job description.
  5. Having due regard for the provisions of paragraph 6, the Board shall be authorized to enter into contracts for the purchase, sale and charging of goods subject to registration and to enter into contracts under which the Association undertakes to act as guarantor or joint and several debtor, to warrant performance by a third party or undertakes to provide security for the debt of a third party.
  6. The Board requires the consent of the Members in the General Assembly for decisions
    1. to enter into contracts under which the Association is granted a bank loan.
    2. to lend as well as to borrow monies, which does not include making use of a loan granted to the Association;
    3. to make out of court settlements;
    4. to take action in the courts, including conducting arbitration proceedings, but excluding the taking of protective measures and legal steps that cannot be delayed;

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