Functions of Executive Director

The Executive Director shall be the principal representative of the EDC and shall, in that capacity, have the authority to, (a) represent the EDC in its relations with other institutions and with Government; (b) conduct financial transactions on behalf of the EDC not exceeding the amount of $50,000. Any financial transaction exceeding that amount shall require the approval of the (c) sign individually or jointly with any other Director duly authorized by the Board for that purpose, contracts concluded by the EDC, reports, balance sheets and other financial statements, correspondence and other documents of the EDC; (d) delegate his powers provided for in paragraph (a) of this section to any other officer of the EDC. Finances, Accounts, Audit and other Reports of the EDC