The competence of the Company's Board of Directors shall include general management of the Company's activities except for any issues that, in accordance with the Federal Law "On Joint-Stock Companies" and the Articles of Association of the Company within the competence of the General Meeting of Shareholders.
The Board of Directors shall consist of five (5) members.
Members of the Board of Directors shall be elected at the General Meeting of Shareholders by a cumulative vote for a term until the next Annual General Meeting of Shareholders. The General Meeting of Shareholders may decide on early termination of powers only regarding all the members of the Board of Directors.
The Board of Directors shall hold its meetings on as needed basis, however at least once in a quarter.