(1) The Board of Auditors shall be elected at the General Assembly and shall consist of three ordinary and three alternate members. The Board of Auditors shall be elected for a period of two years.

(2) In the event that there is a vacancy in the Board of Auditors, it shall be replaced by an alternate member. The alternate member shall serve for the term of duty of the replaced member.

(3) The Board of Auditors shall carry out a division of labor amongst itself after election, shall prepare a report on the results of the audit to be performed at least once a year and present such reports at the General Assembly Meeting.