Boards of directors

Composition

The Board of Directors shall be composed as follows:

• A maximum of 4 Directors shall represent the Core Members. The first 3 Directors representing Core Members shall be appointed by the founding Core Members in the formation deed following the approval of the articles of association. The appointment of the fourth Director representing Core Members shall be subject to there being a minimum of 9 Core Members;
• A maximum of 2 Directors shall represent the Corporate A Members. The first Director shall be appointed once there are a minimum of 5 Corporate A Members and the second Director shall be appointed once there are a minimum of 10 Corporate A Members;
• A maximum of 2 Directors shall represent the Corporate B Members. The first Director shall be appointed once there are a minimum of 5 Corporate B Members and the second Director shall be appointed once there are a minimum of 10 Corporate B Members;
• 1 Director shall represent the Affiliated Members. The appointment of the Director representing Affiliated Members shall be subject to there being a minimum of 4 Affiliated Members.

At the formation of the Association, there shall be 3 Directors only (i.e. representing the founding Core Members). However, additional Members' Meetings may be held as necessary from time to time to appoint new Directors as membership grows. These meetings shall only be held if there are new Directors to be appointed based on the minimum number of Core or Affiliated Members required and the ratio for Corporate Members outlined above.