1. The management of the Company shall be undertaken by a board of directors. The AOA of the Company shall regulate the formation of the board of directors, the number of directors and their term of office, provided that their number is odd not less than 3 and not exceeding 11, and their term of office may not exceed 3 calendar years starting from the date of election or appointment. Directors may be re-elected for consecutive terms. 2. The board of directors shall elect, from among its members, by secret ballot a chairman and a deputy chairman who shall act on behalf of the chairman if the latter is absent or has any situation impeding the performance of his duties. A Managing Director may be elected for the Company. The Managing Director may not be the CEO or Director General of any other Company. 3. The board of directors shall notify the SCA of the resolutions electing the chairman, the deputy chairman and the managing Director. The Central Bank's approval of such resolutions shall be obtained if the Company is licensed by the Central Bank. 4. The Company shall appoint a secretary for the board of directors. The secretary shall not be a Director. 5. The board of directors of the SCA shall issue a resolution setting out the conditions and guidelines which the companies are required to abide by for appointing the board of directors and nominating the Directors. The Central Bank shall issue an appropriate decision in this respect if the Company is licensed thereby.
Interpretation and application must be checked against the official text and current version.