Companies Law

Assignment of Powers within the Board of Directors 1. Subject to the company’s articles of association, the board of directors of a joint-stock company shall, at its first meeting, appoint a chairman from among its members, and it may appoint a managing director or chief executive officer from among its members. The company’s articles of association shall specify their powers and duties. If the articles of association do not provide for the assignment of powers, such powers shall be assigned by the board of directors. Companies Law 2. The board of directors of a joint-stock company listed in the capital market shall, at its first meeting, appoint a vice-chairman from among its members. An unlisted joint-stock company may appoint a vice-chairman. 3. The board of directors of a joint-stock company shall appoint a chief executive officer from among its members or others. It shall determine his powers and remuneration if the company’s articles of association do not provide therefor. 4. The board of directors of a joint-stock company shall appoint a board secretary from among its members or others. The board of directors shall determine his duties and remuneration if the company’s articles of association do not provide therefor. 5. The board of directors may remove the chairman, vice-chairman, managing director, chief executive officer, and board secretary, or any of them, from their positions. However, this shall not result in the termination of their board membership.