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Amendments to the Articles of Association
ARTICLE 15- GENERAL MANAGER
The General Manager shall always be nominated by the Arab
shareholders and confirmed and retired by the Board.
The salary and allowances of the General Manager shall be
determined by the Board.
The General Manager shall be responsible for the daily
administration of the Bank and the implementation and
enforcement of the Board’s and the Management Committee’s
decisions.
If the General Manager is not a member of the Board he shall
have the right to attend the meetings of the Board without the
right to vote.
ARTICLE 16- AUDITORS
The General Meeting shall appoint one or more auditors in
accordance with the law to serve for one financial year.
The Board of Directors shall be obliged to supervise the
activities of the committees formed under the Board of
Directors. Each member of the Board of Directors shall be
authorised to demand from the committees formed under the
Board of Directors any and all information about the activities of
those committees, or to carry out any kind of control deemed
necessary on the activities of those committees.
ARTICLE 15- THE GENERAL MANAGEMENT
a) The General Manager possessing the qualifications required
under relevant legislation will be nominated by Libyan Foreign
Bank shall be appointed and retired by the Board of Directors.
The Board of Directors may appoint the General Manager to
serve for a period of time which goes beyond its own office
term, if and when deemed necessary.
Office term, salary and other remuneration of the General
Manager and assistant general managers shall be determined
by the Board of Directors.
The General Manager shall be responsible for the daily
administration of the Bank and the implementation and
enforcement of the Board and the Management Committee
decisions.
If the General Manager is unable to carry out his tasks due to
a special mission or any obstacle, then an assistant General
Manager shall deputise the General Manager in his absence to
perform the duties of the office of the General Manager.
b) Assistant General Managers shall be appointed by the Board
of Directors. Assistant General Managers shall, as instructed
by the General Manager, participate in the management of the
Bank and deputise for the General Manager in his absence.
ARTICLE 16- AUDITOR
Election of an auditor is undertaken in accordance with
provisions of the Turkish Commercial Code and the Banking
Law every two years pursuant to a tender. After the election the
Board of Directors registers the auditor with the trade register
and announces this in the Commercial Registry Gazette of
Turkey and in its internet website. Provisions of the Turkish
Commercial Code and other legislation regarding term of office
of the audit firm elected by the General Meeting are taken into
consideration.