Common use of Functions of the Board Clause in Contracts

Functions of the Board. (1) The Board shall, in addition to the functions set out in any other Article, be responsible for the direction of the operations of the CARICOM Development Fund and, for that purpose, shall - (a) take decisions concerning the provision of loans, grants and technical assistance; (b) accept, subject to Article VIII(4), subventions to the CARICOM Development Fund; (c) invest such resources of the CARICOM Development Fund as are available for that purpose, in accordance with the investment strategy approved by the Community Council, in collaboration with COFAP; (d) submit the accounts of the CARICOM Development Fund for each year to the Community Council; (e) approve the budget for the CARICOM Development Fund; (f) appoint a Chief Executive Officer; and (g) undertake a detailed in-depth evaluation of the operations of the CARICOM Development Fund, including the effectiveness of the measures taken pursuant to Chapter Seven of the Revised Treaty. (2) The Board may appoint one or more committees to inquire into and advise the Board on such matters as the Board refers to it. (3) Subject to any directions that may be given by the Board, a committee may regulate its own procedure.