Common use of THE MANAGING DIRECTOR Clause in Contracts

THE MANAGING DIRECTOR. ‌ 1. The Managing Director shall be the chief executive of the Agency, and as such shall be responsible to the Board for the management of the Agency. The Managing Director shall manage the Agency under the direction of the Board in relation to the matters for which the Board is responsible under paragraph 5 of Article 6. 2. The regulatory functions of the Agency shall be performed by the Managing Director on behalf of and in the name of the Agency. 3. The Managing Director shall not be responsible to the Board for decisions made by the Managing Director in the performance of the Agency’s regulatory functions, and in particular the Board may not give the Managing Director a direction in relation to a particular decision required to perform a regulatory function.

THE MANAGING DIRECTOR. ‌ 1. The Managing Director shall be the chief executive of the Agency, and as such shall be responsible to the Board for the management of the Agency. The Managing Director shall manage the Agency under the direction of the Board in relation to the matters for which the Board is responsible under paragraph 5 of Article 6. 2. The regulatory functions of the Agency shall be performed by the Managing Director on behalf of and in the name of the Agency. 3. The Managing Director shall not be responsible to the Board for decisions made by the Managing Director in the performance of the Agency’s regulatory functions, and in particular the Board may not give the Managing Director a direction in relation to a particular decision required to perform a regulatory function.