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Chapter
III
Formation of the Board of Directors and Management |
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5. The Government
:-
(a) shall form the Board of Directors
with the Departmental Heads of the Government and suitable citizens
(b) shall, in forming the Board of Directors
determine the Chairman and Secretary at the same time;
(c) may determine the tenure of the
Board of Directors ;
(d) may, during the tenure of the Board
of Directors terminate the membership of any members or
replenish any
person as a member.
6. The Board of Directors shall undertake responsibility for
the insurance business and exercise powers of
the Myanma Insurance contained in this law.
7. Members of the Board of Directors who are non Government
servants are entitled to receive remuneration
prescribed by the Ministry.
8. In order of carry out the functions and duties of Myanma
Insurance, the Board of Directors may form
committees comprising members of the Board
of Directors, experts and service personnel. In forming
such committees the Duties and powers thereof
shall be determined.
9. In respect of matters relating to meetings of the Board of
Directors, convening of meetings and passing of
resolutions may be carried out in the manner
prescribed.
10. The Chairman of the Board of Directors :-
(a) shall have the power
to enter into contracts and sign document , exchange of notes
and insurance
policies on behalf of Myanma Insurance ;
(b) may, from among his
powers delegate the power to sign insurance policies to the
officers of Myanma
insurance . |
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