Article 12. The Board of Directors

The Board of Directors shall consist of not less than four and not more than 10 members. The Board members and their personal deputies shall be elected for a term of two years.

The Board of Directors directs the activities of the Association, but may appoint a managing director and other staff to carry out the day-to-day activities. The Board may delegate to the managing director the task of appointing other staff within the approved budgetary limits. The Board may retain independent legal counsel and other consultants to carry out specifically defined tasks.

The Board of Directors shall draw up instructions for the work of the Nominating Committee, which shall be submitted to the General Meeting for approval.