in order to manage the Fund , w ithin the framework of the provisions of the Articles of Association and approvals of the Board of Trustees, Board of Executive Directors shall be formed compris ing of five members who are distinguished, experienced and well - known in economy, law, finance , banking and planning , with a minimum 10 years of related experience and postgraduate qualification. Members of Board of Executive Directors shall be named by the Board of Trustees and appointed by the President. They shall take on the following functions and responsibilities:
- To propose to the Board of Trustees the acceptable prioritized activities to receive financial facilities in economically - generative and economically - viable production and service sectors and sub - sectors
- To propose to the Board of Trustees investment plans in domestic and international money and financial markets
- To set the framework of Agency Contracts to be concluded with agent banks and to determine authorities and responsibilities of the agent bank s within the framework of these Contracts
- To establish an internal audit system and a proper internal control system
- To confirm the foreign and national - currency financial statements and submitting them to the Board of Trustees
- To propose to the Board of Trustees recommendations on related guidelines and 3 terms and conditions of extending financial facilities
- To take decisions regarding any measure s which shall be taken under the name of the Fund within the duties and goals described in the Articles of Association except for areas the decision making about which are within the power of the Board of Trustees or the chairman of the Board of E xecutive Directors , Board of trustees cannot delegate any of its powers to Board of Ex ecutive Directors nor any other authority. Whatever delegated earlier is declared null and void
- To adopt decisions regarding all issues which the chairman of Board of Executive Directors , within his/her competence, put s on the agenda of the Board of Executive Directors
- To implement approvals of the Board of Trustees
- To propose the claims to be refer red to arbitration, determin ation of the Fund
- To open and close accounts in foreign currencies with the accounts designated by the C entral Bank of the Islamic Republic of Iran, and accounts in Iranian Rials with the Central Bank, and to introduce the holders of signing rights from among the members of the Board of Executive Directors , the Chairman and other directors of the Fund
- To enter into contracts with qualified international advisors in the fi e ld of investment and financ ial engineering in order to assess, improve and boost the performance of the Fund
- Other issues referred by the Board of Trustees
Note 1: Dismissal and acceptance of the resignation of the members of the Board of Executive Directors shall be conditioned up on confirmation by two thirds of the members of the Board of Trustees who have the right to vote.
Note 2: Members of Board of Executive Directors shall be employed full - time. They shall not be engaged in any other economic activity n or any occupation except for teaching. Members of Board of Executive Directors are subject to the provision described in Article 142 of the Constitution.
Note 3: The tenure of Board of Executive Directors shall be five year s a nd can be r e - appointment.
Note 4: All securities, cheques, promissory notes, drafts , contracts and other binding documents shall be considered valid once signed by two of the three members of Board of Executive Directors who are assigned by Board of Executive Directors
Note 5: Decisions adopted by Board of Executive Directors shall be effective with at least three votes