Administrative Institutions of the Latvian Real Estate Association LANIDA 1. Administrative Institutions of the Association are the General Meeting of Members and the Board. The General Meeting is the supreme Institution of the Association. The Board is the Executive Institution of the Association. 2. Regular General Meetings are convoked by the Board upon a necessity but not less than once a year. 3. Interim General Meetings are convoked by the Board upon its initiative as well in cases if that is demanded by the Auditor or one tenth of the Association’s Members. 4. General Meeting of Members is with the rights to make decisions if there participate at least one half plus 1 (one) from the total number of the Association’s Members with the rights to make decisions in it. A decision of the General Meeting is taken if for that there has voted the majority of the Members of the General Meeting. 5. In the General Meeting the rights to vote are there are for all those Members who have paid their payments of membership. 6. Only the General Meeting of the Association has the rights: 6.1. to make amendments in the present Statutes, 6.2. to decide on the termination, continuation or reorganization of the Association’s activity, 6.4. to take a decision on the conceptual matters connected with the Association’s activity that in accordance with “Law On Societies And Establishments” or with the present Statutes have not been assigned in the competence of other Institutions, 6.5. to decide on the election and revocation of the Board and of the Auditor. 7. Association is administered and represented by the Board in the composition of five Members. Members of the Board represent the Association separately. 8. Sessions of the Board of the Association occur not less than once in a quarter. Board takes decisions in accordance with the Statutes of the Law of “Societies And Establishments”. 9. Board has the rights to make a decision on any matters that lie within its competence in accordance with “Law On Societies And Establishments” and that do not lie within the competence of any other Institution or are envisaged within the present Statutes including but not limiting: 9.1. to elect and to dismiss from the position the Chairman of the Board of the Association and the Deputy Chairman of the Board; 9.2. to fix the amount of the admittance and membership payments of the Members and of the Candidates of the Members; 9.3. to make decisions on the admittance of new Members and of the Candidates of the Members; 9.4. to make decisons on the expulsion of the Members from the Association; 9.5. to decide on the rights of the Members of the Association to use the support of the Association in their activity; 9.6. to confirm the by-laws that regulate the activity of the Association and of its units of structure; 9.7. decides on the purchase and alienation of a movable and immovable property, on the foundation of entrepreneural societies, on the purchase of stocks or of capital shares in entrepreneural societies; 9.8. reviews matters on the establishment of Funds necessary for the activity of the Association; 9.9. elaborates and confirms the documents necessary for the activity of the Association; 9.10. reviews also any other matter that is important for the activity of the Association and take decisions concerning it. 10. Chairman of the Board of the Association is elected by the Board upon the order stated in the present Statutes from the circle of the Members of the Board of the Association. Chairman of the Board presides over the General Meeting and the Sessions of the Board. 11. Chairman of the Board of the Association has one Deputy that is elected by the Board from the circle of the Members of the Board taking into account the recommendations of the Chairman of the Board. Deputy Chairman of the Board of the Association presides over the Sessions of the Board or the General Meeting upon an assignment of the Chairman of the Board and substitutes the Chairman of the Board during his absence. 12. Chairman of the Board of the Association upon a basis of the decision of the Board employs the Executive Director. Executive Director: 12.1. organizes the administrative work of the Association and performs other obligations in accordance with the by-law adopted by the Board; 12.2. participates in the sessions of the Board with the deliberate function; 12.3. ensures the convocation of the General Meeting and of the sessions of the Board; 12.4. organizes consultations and formal meetings for the Members of the Association with foreign specialists of similar profile as well as with the Representatives of the Legislation authority and of Executive authority; 12.5. makes a centalizied communication and service system in which there lie the provision of communication (fax, etc.), the prognostication of the market’s state of affairs, the processing of economical information, the improvement of professional skills of the Members and of the Candidates of the Members; 12.6. carries out a great work of explanation in the Mass Media with the intention to raise the prestige of the Association and of its Members; 12.7. organizes the fulfilment of the decisions and tasks of the Board and of the General Meeting of the Association; 12.8. deals with the Association’s budget in accordance with the decisions of the Board and of the General Meeting of the Association. 13. Board with its decision can authorize the Executive Director to conclude deals of certain type on behalf of the Association. Statutes of Society „Latvian Real Estate Association LANIDA” (Part 4)