Companies Law

1. Without prejudice to the powers of the board of directors set forth in this Law and the company’s articles of association, the chairman of the board of directors of a joint-stock company shall represent it before the judiciary, arbitration tribunals, and other parties. The company's articles of association may stipulate that the managing director or chief executive officer has the power to represent the company; either of them may delegate others to represent the company. 2. The chairman of the board of directors of a joint-stock company may, pursuant to a written decision, delegate certain powers to other board members or to others to carry out certain acts, unless the company's articles of association stipulate otherwise. 3. If the board of directors has a vice-chairman, he shall assume the chairman’s duties in his absence.