Articles of the Bank's statute give particular definitions for the administrative, legal and technical sectors of the Bank, regulate the relationships between such bodies, and identify the authorities and powers delegated to each one.
The General Assembly
The General Assembly is comprised of all the Shareholders and is headed by the Chairman of the board of directors or the Governor in case of the Chairman's absence. The date of the ordinary meeting of the General Assembly is set during the three months following the end of the financial year. The General Assembly may be called for an extraordinary meeting upon the request of the board of directors or the auditor or a number of shareholders who hold at least (10%) of the capital. The ordinary meeting is legal only if a minimum of (51%) of the capital of the bank is represented in the meeting, whereas in the case of the extraordinary meeting a minimum of (75%) is required. In case the minimum limit is not achieved in the first meeting, a second ordinary meeting is called for. The second ordinary meeting is deemed legal regardless of the number of the stocks represented, whilst at least 25 % of the shares are required in the second extraordinary meeting. The decisions of the ordinary General Assembly are taken by the majority of votes of the attendants. As for the extra-ordinary meeting the decisions are taken by a majority of (75%) of the capital represented in the meeting, the decisions in both cases are binding for all the shareholders including those who are absent and those who object to the decisions.
The Board of Directors and the Governor
The Board of the Directors administers is responsible for the bank management the bank and has all the powers to do so. The Board of Directors is comprised of at most (15) members from which a chairman is selected. The Governor of the bank is selected from amongst those members or from others. The Governor takes over the position of the Chairman of the Board of Directors in his absence and implements the decisions of the board, administers all activities and is directly responsible for all these activities before the Board. The Board appoints the directors and sets the regulations governing their authorities. The General Assembly elects the representatives of the shareholders in the Board of directors every (3) years.