1. Membership of the Board of Directors terminates upon end of the term of office without renewal, death, or resignation. Membership of the Board of Directors may also be terminated by a federal decree, based on the Cabinet approval, in any of the following cases: a. If the member committed a material misconduct or breach while performing his duties. b. If the member absented himself from three (3) consecutive meetings of the Board of Directors without the Board of Directors’ approval, unless such absence was due to his being on an official assignment, annual or sick leave, or due to any other acceptable reason. c. If the member no longer satisfies any of the membership conditions referred to in Article (13) of this decree-law. d. If the member was rendered incapable of performing his functions, for any reason whatsoever. 2. Where term of office of members of the Board of Directors has expired without renewal, members of the Board of Directors shall continue to perform their functions until such time new members were appointed to replace them. The decisions issued by the Board of Directors during this period shall be considered valid and enforceable.
Interpretation and application must be checked against the official text and current version.