Decision on Establishment of the Ltd Project Consulting

- performs other tasks deriving from the Law and Statute of the Ltd Company.
Acts referred to under paragraph 1, 3, and 4 shall be approved by the Board of Directors with
prior consent of the founder.
Article 16
Executive Director is the management body of the Ltd Company.
Executive Director shall be answerable for legitimacy, profitability and efficiency of the work of
the Ltd Company.
Executive Director shall be appointed by the Board of Directors for the period of four years, with
the consent of the founder.
Conditions for appointing Executive Director are stipulated by the Statute.
Article 17
Executive Director:
- represents the Ltd Company;
- organises and heads the work of the Ltd Company;
- proposes acts approved by the Board of Directors and is responsible for enforcing
decisions and other acts of the Board of Directors;
- prepares proposal of the annual Action Plan, financial projections and annual financial
reports of the Ltd Company;
- submits report on implementation of annual Action Plan and financial projections of the
Ltd Company;
- participates in establishing criteria for using assets and distributing profit;
- concludes contracts on behalf of the Ltd Company;
- perform other duties deriving from the Law, <strong>Decision</strong> on establishment, Statute of the Ltd
Company and decisions of the Board of Director.
VI TERMINATIN OF THE LTD COMPANY
Article 18
Ltd Company terminates in two cases and under the conditions deriving from the Law.
VII TRANSITIONAL AND FINAL PROVISIONS
Article 19
Board of Directors shall be appointed within 30 days as of the day of entering into force of this
<strong>Decision</strong>.
A representative of the employees shall be proposed by the Acting Director on the first
convocation of the Board of Directors.
The Statute of the Ltd Company shall be approved and Executive Director shall be appointed
within 15 days as of the day of appointing the Board of Directors.
Article 20
An authorised person for representing Ltd Company in process of establishing is Acting Director
Nebojša Popović, with permanent address: Vaša Raičkovića St, No. 34 in Podgorica, holder of ID
card142794, issued by Ministry of Internal Affairs, Montenegro, CB Podgorica.
Article 21