Section 30: Functions, Duties and Powers of the Chief Executive

1) The functions, duties and powers of the Chief Executive shall be as follows:-

(a) To exercise the powers delegated by the Board of Directors and to implement decisions of the Board of Directors subject to the Memorandum of Association and Articles of Association and oversee and control the activities and transactions of the bank or financial institution,

(b) To prepare the annual budget and action plan of the bank or financial institution and submit it before the Board of Directors for approval,

(c) To manage necessary human resources subject to the Personnel Byelaws of the bank or financial institution,

(d) To implement or cause to be implemented the decisions of the General Meeting,

(e) To operate the institution according to this Act and directives of the Rastra Bank and to have an effective internal control system and risk management,

(f) To submit statements, documents, decisions, etc. to be submitted by the bank or financial institution to the Rastra Bank or any other agency on time subject to this Act, directives of the Rastra Bank and Memorandum of Association and Articles of Association,

(g) To operate the institution with optimum protection of the interests of depositors, shareholders and the institution itself,

(h) To apply appropriate norms for senior management subject to the policy as determined by the Board of Directors.

2) The Chief Executive shall be accountable to the Board of Directors for their work.