| Mediterraneo OC (MED) News:
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2007-10-29
Mediterraneo OC administration rules
Management Board Regulation |
1) Management Board has only executive power and, through weekly meetings, has to be informed about the Mediterraneo OC progress of activity.
2) At the end of every month, during the first meeting, Management Board examines the budget of the previous month; contributes to the determination of the rate of return be allocated for dividends and approves the budget which will be published on the site of the Mediterranean OC and the VSTEX.
3) The BoD consists of 10 members, the president and vice president, identified in the 2 Mediterraneo OC owners, and 8 variables members.
4) Variables members are chosen from among the 5 largest holders of shares, excluding the president and vice-president, plus 3 members elected by the shareholders.
5) If 1 of the 5 members (largest holders of shares) is passed as the number of shares by a shareholder not in Management Board, the member is immediately replaced by the new major shareholder.
6) The BoD, as the assembly of shareholders, is convened by the President, in ordinary or extraordinary session, on request to the President by at least 4 members.
7) This document is issued for information to all shareholders and VSTEX. |
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