The management of the company shall be entrusted to a board of directors, the number of whose members shall be specified by the articles of association, provided that it shall be comprised of an uneven number. The number of the members of the board shall not be less than five (5) members in the case of a public joint stock company and (3) three members in the case of a closed joint stock company, nor shall the number of the members in either of them exceed eleven (11) members.
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