Board Formation Sample Clauses

Board Formation. 11.2.1 The Board shall be established on the date of the issuance of the JVC's business licence. The Board shall consist of 8 Directors. Party A shall appoint 4 Directors, and Party B shall appoint 4 Directors. Party B shall also appoint the Chairman. 11.2.2 Each Director shall be appointed for a term of 3 years, unless the term is shortened by his removal or resignation, and may serve consecutive terms if re-appointed by the Party that originally appointed him. If a Director's position becomes vacant for any reason, the Party which originally appointed that Director shall appoint a successor within 30 days of the vacancy to serve the remainder of his term. 11.2.3 At the invitation of the Board, the Chairman or any other Director may concurrently hold the position of general manager or that of any other Senior Management Personnel. 11.2.4 The Chairman shall be the legal representative of the JVC, and shall be appointed by Party B. If the Chairman is unable to perform his responsibilities, he shall authorise another Director nominated by Party B in writing to represent him and shall promptly notify the Board and each Party of such authorisation.