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ŞƏKİLLƏRİN TƏSVİRİ

The Board of Trustees

 

5. The Foundation's management bodies and vested powers

5.1. Established by the founder/founder's representative, the Board of Trustees shall constitute the supreme governing body of the Foundation. The Board of Trustees may consist of 15 to 55 members. Members of the Board of Trustees shall be elected and dismissed by the founder/founder's representative for three (3) years.

5.2. New members of the Foundation Board of Trustees shall be admitted only through the approval of all members of the Board of Trustees.

5.3. The Board of Trustees shall:

5.3.1. Define the general areas of the Foundation's activities;

5.3.2. Approve the Foundation's programs and monitor their implementation;
5.3.3. Ensure the election and dismissal of the Foundation’s President;

5.3.4. Ensure the election and dismissal of the Foundation’s Vice-President following the proposal of the Foundation's President;

5.3.5. Accept the reports of the President of the Foundation;

5.3.6. Decide on the opening of the Foundation's branches and representative offices as well as approve their provisions;

5.3.7. Decide on the establishment of the Foundation’s subordinate economic entities and/or the Foundation's participation in the activity of any economic entity;

5.3.8. Make amendments and additions to the Foundation's Charter if/when the interests of the Foundation require its Charter to reflect its goals;

5.3.9. Decide on the reorganization and liquidation of the Foundation.

5.4. Decisions on the issues specified in Clauses 5.3.8 and 5.3.9 of the Charter's Article 5.3 shall be approved by more than 3/4 of the members of the Foundation's Board of Trustees.
5.5. Decisions on matters not specified in Clauses 5.3.8 and 5.3.9 of the Charter's Article 5.3 may be taken by an absentee vote in the manner established by the Foundation's Board of Trustees. If a member of the Foundation's Board of Trustees objects to an absentee vote on an issue, the voting shall take place in person. 
5.6. The Foundation Board of Trustees shall be headed by its Chairperson. The Chairperson of the Foundation Board of Trustees shall be elected from among its members for three (3) years by the agreement of more than three-fourths of its members. In the event of early resignation of the Chairperson of the Board of Trustees for any reason, the Board of Trustees may call for an extraordinary election of its Chairperson.