Common use of Functions of the Board Clause in Contracts

Functions of the Board. (1) The general administration, direction and the management of the affairs and business of the Credit Guarantee Corporation shall vest in the Board which may exercise all powers and do all acts as may be exercised or done by the Credit Guarantee Corporation. (2) In carrying out its functions, the Board shall― (a) ensure that the objectives of the Credit Guarantee Corporation are carried out; (b) set the strategic objectives and targets of the Credit Guarantee Corporation through the preparation of at least a two-year strategy plan that fully describes the activities of the Credit Guarantee Corporation and which shall be reviewed semi-annually, or as the Board directs; (c) ensure the implementation of appropriate systems and procedures to achieve the Credit Guarantee Corporation's strategic objectives and targets; (d) review and adopt business plans of the Credit Guarantee Corporation; (e) establish eligibility criteria on an annual basis for the financial soundness of Participating Lenders; (f) establish and review the system and procedures of control and risk management that are adequate for the nature and scale of the business of the Credit Guarantee Corporation, including risk in relation to the management of the Credit Guarantee Fund; (g) adopt policies for clear organizational arrangements for delegating authority and responsibility; (h) adopt adequate internal practices and procedures that promote ethical and professional standards in the Credit Guarantee Corporation; and (i) adopt and review the system of internal controls to ensure that the business of the Credit Guarantee Corporation is conducted in a prudent manner in accordance with policies and strategies established by it. (3) The Board shall ensure that the strategic objectives and targets of the Credit Guarantee Corporation address the following― (a) performance and long-term service, financial and sustainability objectives; (b) credit guarantee planning based on demand forecasts and targeted service levels; and (c) the maintenance of reliable integrated credit guarantee records. (4) The Board shall ensure that, pursuant to paragraph (3), a Credit Guarantee Fund investment strategy is developed which shall address mechanisms for ensuring the payment of credit guarantees by the Credit Guarantee Corporation to Participating Lenders, including― (a) the establishment and maintenance of liquidity ratios; and (b) the maximum leverage of the Credit Guarantee Fund.

Functions of the Board. (1) The general administration, direction and the management of the affairs and business of the Credit Guarantee Corporation shall vest in the Board which may exercise all powers and do all acts as may be exercised or done by the Credit Guarantee Corporation. (2) In carrying out its functions, the Board shall―shall - (a) ensure that the objectives of the Credit Guarantee Corporation are carried out; (b) set the strategic objectives and targets of the Credit Guarantee Corporation through the preparation of at least a two-year strategy plan that fully describes the activities of the Credit Guarantee Corporation and which shall be reviewed semi-annually, or as the Board directs; (c) ensure the implementation of appropriate systems and procedures to achieve the Credit Guarantee Corporation's strategic objectives and targets; (d) review and adopt business plans of the Credit Guarantee Corporation; (e) establish eligibility criteria on an annual basis for the financial soundness of Participating Lenders; (f) establish and review the system and procedures of control and risk management that are adequate for the nature and scale of the business of the Credit Guarantee Corporation, including risk in relation to the management of the Credit Guarantee Fund; (g) adopt policies for clear organizational arrangements for delegating authority and responsibility; (h) adopt adequate internal practices and procedures that promote ethical and professional standards in the Credit Guarantee Corporation; and (i) adopt and review the system of internal controls to ensure that the business of the Credit Guarantee Corporation is conducted in a prudent manner in accordance with policies and strategies established by it. (3) The Board shall ensure that the strategic objectives and targets of the Credit Guarantee Corporation address the following―following - (a) performance and long-term service, financial and sustainability objectives; (b) credit guarantee planning based on demand forecasts and targeted service levels; and (c) the maintenance of reliable integrated credit guarantee records. (4) The Board shall ensure that, pursuant to paragraph (3), a Credit Guarantee Fund investment strategy is developed which shall address mechanisms for ensuring the payment of credit guarantees by the Credit Guarantee Corporation to Participating Lenders, including―including - (a) the establishment and maintenance of liquidity ratios; and (b) the maximum leverage of the Credit Guarantee Fund.

Functions of the Board. (1) The general administration, direction and the management of the affairs and business of the Credit Guarantee Corporation shall vest in the Board which may exercise all powers and do all acts as may be exercised or done by the Credit Guarantee Corporation. (2) In carrying out its functions, the Board shall―shall - (a) ensure that the objectives of the ofthe Credit Guarantee Corporation are carried out; (b) set the strategic objectives and targets of the Credit Guarantee Corporation through the preparation of at least a two-year strategy plan that fully describes the activities of the Credit Guarantee Corporation and which shall be reviewed semi-annually, or as the Board directs; (c) ensure the implementation of appropriate systems and procedures to achieve the Credit Guarantee Corporation's strategic objectives and targets; (d) review and adopt business plans of the Credit Guarantee Corporation; (e) establish eligibility criteria on an annual basis for the financial soundness of Participating Lenders; (f) establish and review the system and procedures of control and risk management that are adequate for the nature and scale of the business of the Credit Guarantee Corporation, including risk in relation to the management of the Credit Guarantee Fund; (g) adopt policies for clear organizational arrangements for delegating authority and responsibility; (h) adopt adequate internal practices and procedures that promote ethical and professional standards in the Credit Guarantee Corporation; and (i) adopt and review the system of internal controls to ensure that the business of the Credit Guarantee Corporation is conducted in a prudent manner in accordance with policies and strategies established by it. (3) The Board shall ensure that the strategic objectives and targets of the Credit Guarantee Corporation address the following―following - (a) performance and long-term service, financial and sustainability objectives; (b) credit guarantee planning based on demand forecasts and targeted service levels; and (c) the maintenance of reliable integrated credit guarantee records. (4) The Board shall ensure that, pursuant to paragraph (3), a Credit Guarantee Fund investment strategy is developed which shall address mechanisms for ensuring the payment of credit guarantees by the Credit Guarantee Corporation to Participating Lenders, including―including - (a) the establishment and maintenance of liquidity ofliquidity ratios; and (b) the maximum leverage of the Credit Guarantee Fund.