Companies Law

1. The ordinary general assembly shall elect the company’s board members. In all cases, board members must be natural persons. 2. The Regulations shall specify the voting method for electing board members in a joint-stock company. 3. The company's articles of association may specify the method of forming the board of directors, subject to the rules set out in the Regulations. 4. The company's articles of association shall determine the term of the board of directors, provided it does not exceed four years. Board members may be re-elected, unless the company's articles of association provide otherwise. 5. The company’s articles of association shall determine membership expiration or termination upon the board’s request. The ordinary general assembly may, however, remove some or all board members even if the company’s articles of association stipulate otherwise. In such case, the ordinary general assembly shall elect a new board of directors or a replacement for removed members, as the case may be, in accordance with the provisions of this Law. The Competent Authority may specify the rules governing the removal of board members by the ordinary general assembly.