International Ocean Institute Training Programme

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3. In developing the resources of the Area pursuant to paragraph 1, the
Enterprise shall, subject to this Convention, operate in accordance with sound
commercial principles.
Article 2
Relationship to the Authority
1. Pursuant to article 170, the Enterprise shall act in accordance with
the general policies of the Assembly and the directives of the Council.
2. Subject to paragraph l, the Enterprise shall enjoy autonomy in the
conduct of its operations.
3. Nothing in this Convention shall make the Enterprise liable for the
acts or obligations of the Authority, or make the Authority liable for the acts
or obligations of the Enterprise.
Article 3
Limitation of liability
Without prejudice to article 11, paragraph 3, of this Annex, no member
of the Authority shall be liable by reason only of its membership for the acts
or obligations of the Enterprise.
Article 4
Structure
The Enterprise shall have a Governing Board, a Director-General and the
staff necessary for the exercise of its functions.
Article 5
Governing Board
1. The Governing Board shall be composed of 15 members elected by
the Assembly in accordance with article 160, paragraph 2(c). In the election
of the members of the Board, due regard shall be paid to the principle of
equitable geographical distribution. In submitting nominations of candidates
for election to the Board, members of the Authority shall bear in mind the
need to nominate candidates of the highest standard of competence, with
qualifications in relevant fields, so as to ensure the viability and success of
the Enterprise.
2. Members of the Board shall be elected for four years and may be
re-elected; and due regard shall be paid to the principle of rotation of
membership.
3. Members of the Board shall continue in office until their successors
are elected. If the office of a member of the Board becomes vacant, the
Assembly shall, in accordance with article 160, paragraph 2(c), elect a new
member for the remainder of his predecessor's term.
4. Members of the Board shall act in their personal capacity. In the
performance of their duties they shall not seek or receive instructions from
any government or from any other source. Each member of the Authority
shall respect the independent character of the members of the Board and shall
refrain from all attempts to influence any of them in the discharge of their
duties.