Article Twenty - Function of Executive Director

ARTICLE TWENTY: The Executive Director shall have the following functions:

a) Represent the FOUNDATION legally.
b) Designate power of attorney.
c) Enter into contracts and acts of which the FOUNDATION is part and which are in conformity with the statutes and corresponding documents. If the contract or act must be approved by the Board of Directors or by other designated entities, the Executive Director shall legally process and exhibit, as needed, authentic copies of the minutes in which the approval of the act or contract has been given.
d) Appoint the necessary personnel for all the positions, except those which have been reserved for appointment by the Board of Directors or whose appointment has been assigned by the Board to another entity or person.
e) Inform the Board of Directors of any irregularities in conduct or performance of those employees whose function is not the responsibility of the Executive Director.
f) Assign salaries and wages for those positions which the Board of Directors has conferred responsibility to the Executive Director.
g) Represent the FOUNDATION before institutions in which the Foundation is a member or stakeholder.
h) Exercise the right to vote in meetings of members and stakeholders, and any other rights given to the FOUNDATION by membership in such institutions.
i) Comply with and ensure the fulfillment of the statutes, regulations and orders of the Board of Directors.
j) Monitor and supervise the operation of the FOUNDATION and inform the Board of Directors in a timely manner of the regular activities and of any extraordinary matter.
k) Inform the Board of Directors in a timely manner of any irregularity or problem which is observed and not considered within the Executive Director's mandate or power to remedy.
l) Provide and receive funds determining the rate of interest to be used.
m) Open, maintain or close bank accounts (including, but not limited to, checking accounts, savings accounts, and certificates of deposit), brokerage accounts, and other similar accounts with financial institutions.
n) Conduct any business with any banking or financial institution with respect to any accounts, including, but not limited to, making deposits and withdrawals, transfers, drafting, negotiating or endorsing any checks or other instruments with respect to any such accounts, obtaining bank statements, passbooks, drafts, money orders, warrants, and certificates or vouchers payable to the Foundation by any person, firm, corporation or political entity.
o) Other functions that the Board of Directors shall designate.
p) The Executive Director may, with the approval of the Board of Directors, partially delegate those functions which by their nature can be effectively delegated.