Chapter Five The Chief Executive Officer

Article (21) A- Subsequent to the approval of the commission, the Board of Directors shall appoint a full time Chief Executive Officer by virtue of a term contract which states his remuneration, benefits and other financial rights. The Board of Directors may end the services of the Chief Executive Officer in the same way for appointment.
  B- Notwithstanding the provisions of paragraph (A) of this article, the Board of Directors upon the approval of the commission, may appoint any of the Center’s permanent employees a Chief Executive Officer, and may end his services in the same way for appointment.
  C- The Chief Executive Officer in accordance with paragraph (A) or (B) of this article  is subject to a testing period as determined by the Board of Directors not less than six months. 
  D- The Chief Executive Officer shall not engage in any other activity or be partner, shareholder, or representative of any Licensed Person.
  E- The Chief Executive Officer shall perform his duties in accordance with the internal by-laws and instructions in force at the Center and performs any other responsibilities specified by the Board of Directors.
   
   
Article (22) The Chief Executive Officer shall be chosen from among experienced and efficient individuals in the financial and economic fields. He must:
  A- be Jordanian
  B- enjoy full legal capacity.
  C- have an experience of at least fifteen years in the economic and financial fields.
  D- have obtained his first university degree at least.
  E- have not been convicted of any crime, misdemeanor or a punitive penalty involving moral or trust or his service in any post has terminated for such reasons.
     
Article (23) A- The Chief Executive Officer pursues all the administrative, financial and technical affairs of the Center. He is responsible before the Board of Directors thereof as well as of the following
  1. Follow up the implementation of the Law, by-laws, instructions and resolutions issued pursuant thereto.
  2. Execute the Board of Director’s resolutions.
  3. Sign all the relevant documents and correspondences necessary for the Center’s operations in accordance with the policies determined by the Board of Directors.
  4. Appointing employees at the Center pursuant to the provisions of the Employees’ By-Law and the resolutions of the Board of Directors.
  5. Follow up the due operations of the Center and the performance of its employees and administrative body.
  6. Prepare the draft annual budget and present it to the Board of Directors before the 30th of November of each year.
  7. Present the quarterly financial statements to the Board of Directors.
  8. Present the bi-annual financial statements audited by the auditor to the Board of Directors.
  9. Present the balance sheet and the financial statements for the previous fiscal year audited by the auditor to the Board of Directors before the end of February of the following year.
  10. Pursue all the powers and further activities assigned to him by the Board of Directors.
  11. Provide the Commission with copies of the resolutions of the General Assembly and the Board of Directors.
  B- The Chief Executive Officer may delegate any of his powers to a high ranking employee at the Center with the approval of the Board of Directors. The delegation must be written and specific.
  C- The Board of Directors shall appoint a deputy for the Chief Executive Officer to manage the Center’ affairs in case the Chief Executive Officer is absent or his position becomes vacant.
     
Article (24) A- The Chief Executive Officer and any of the Center’s employees shall disclose to the Board of Directors and the Commission of any securities owned by him or at his disposal immediately upon assuming his post and any change that occurs in that regard.
  B- The Chief Executive Officer and the Center’s employees shall not be a partner, shareholder, or representative of any Licensed Person or any of the Center’s Members.
  C- With regard to Paragraph (B) of this Article, the Chief Executive Officer and any of the employees of the Center are subject to the instructions issued by the Board regulating the possession and trading of any securities by them.
     
Article (25) A- The Chief Executive Officer and the employees of the Center are prohibited, subject to legal liability, from:
  1. Exploiting any information acquired by virtue of their work at the Center for financial or moral profit whether directly or indirectly.
  2. Disclosing any confidential information acquired by virtue of their work at the Center to any other party not authorized to view such information.
  3. Violating the intellectual property rights of the Center’s electronic systems.
  B- The Chief Executive Officer and the Center’s employees shall maintain confidential documents in a safe place where no person can view them.
  C- The Center’s employees shall inform the Chief Executive Officer of any fault or improper use of the Center’s systems or the possibility of the existence of any programs that may affect the information and data maintained in those computers and programs.
     
Article (26) The Chief Executive Officer and the Center’s employees shall take all the necessary measures and precautions to safeguard the Center’s computers and electronic systems and shall not permit any unauthorized person to use its computers and systems.

 

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Last update Thursday on 23-11-2023 at 15:26:57
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