Article Eighteen - Functions of Board of Directors

ARTICLE EIGHTEEN: The Board of Directors shall have the following functions:

a) Ensure the implementation and fulfillment of the statutes.
b) Prepare draft amendments to the statutes following the established procedures in this regulation.
c) Create those agencies and positions which the FOUNDATION requires and which the Board of Directors are statutorily responsible to create; as well as determine the terms of reference, regulate the functions, determine remunerations, and to rescind them when no longer necessary.
d) Conduct duly called and constituted ordinary Board meetings ordinary at least twice a year and extraordinary meetings as needed when called by the Chair of the Board, or the Executive Director.
e) Establish and regulate those internal organization controls and audit systems considered necessary and designate the person responsible for them.
f) Create internal regulations.
g) Promote or participate in the formation of independent institutions or organizations through which the FOUNDATION can fulfill its purposes and regulate or participate in the regulation of these institutions.
h) Designate from among the members of the Board the position of Chair of the Board and select the Executive Director.
i) Delegate partially those administrative functions which by their nature can be effectively delegated.
j) Direct the finances of the FOUNDATION and decide on the investments of funds, as well as any changes to the assets.
k) Prepare and present the FOUNDATION budgets for its approval in accordance to the stipulated and legal financial periods.
l) Establish adequate and effective mechanisms to ensure that the persons and institutions assisted by the FOUNDATION have utilized the funds for the programs for which they were intended.
m) Review and give final approval to the FOUNDATION financial statements and audit.
n) Decide to accept or decline endowments, inheritances, or donations given to the institution.
o) Authorize the purchase of shares, investments in companies of any type, or any other investment.
p) Determine the means and ensure that the donors will be informed of the activities of the FOUNDATION annually.
q) Decree the dissolution of the FOUNDATION, according to Article Sixteen and decide which institution or institutions shall receive the assets of the FOUNDATION once liquidated in conformity with the procedures and regulations of Article Twenty-three.
r) Any other function not assigned in the statutes to the Executive Director.