(1) The Board of Directors of the Association shall consist of eight ordinary members and six alternate members. At least five of the ordinary members of the Board of Directors of the Association must be representatives of legal person members with five years of seniority. In case of death, resignation or any other situation that terminates membership, such matter shall be taken into consideration when alternate members of the Board of Directors are granted principal membership respectively.

(2) The Board of Directors shall be elected for a period of two years. A person whose Board of Directors membership expires may be re-elected.

(3) Members of Board of Directors shall elect a Chairman, a Deputy Chairman and an Accounting Member amongst themselves. The Board of Directors shall assign duties to its members as it deems fit. The Board of Directors shall convene and resolve according to following procedures:

(a) The Board of Directors shall grant or refuse membership with the unanimity of all members of the Board of Directors.

(b) The Board of Directors shall resolve for dismissal from membership with the approval of two-thirds majority of all members.

(c) The Board of Directors shall convene once minimum half of the members are present and adopt resolutions with the votes of one more than half of attending members. In the event that the number of votes of the attending members is equal, the Chairman’s vote shall be deemed as two votes.

(4) The Board of Directors shall convene at least once every two months. The membership of a member of Board of Directors who fails to attend three consecutive Board of Directors meetings without an excuse shall be deemed void and he shall be replaced by an alternate member.

(5) Unless resolved otherwise at the General Assembly Meeting, no remuneration shall be paid to members of Board of Directors.

(6) Responsibilities of the Board of Directors:

(a) Representing the Association or authorizing one or more members to represent; to cover travel and other expenses relating to such assignment.

(b) Performing transactions relating to income and expense accounts of the Association and preparing and submitting the budget for the next period to the General Assembly.

(c) Performing other tasks set by legislation and internal regulations.

(d) Hiring people to work at the Association, setting their salaries and dismissing them when deemed necessary.

(e) Collecting the receivables and protecting the rights of the Association.

(f) Realizing the budget approved by the General Assembly.

(g) Keeping the books specified in the Associations Act.

(h) Enforcing disciplinary penalties against members who fail to comply with the Associations Act, Bylaws of the Association and General Assembly resolutions.

(i) Setting up commissions within the Association to deal with matters regarding the objectives of the Association.

(j) Performing other tasks specified by General Assembly resolutions and legislation by exercising authorities conferred by these bylaws of associations.

(k) Establishing the management and auditing procedures and appointing the administrative staff of the economic enterprises to be set up in line with the objectives and targets of the Association, taking decisions relating to representation and binding of the economic enterprises, setting and determining operating and implementation rules for economic enterprises.

(l) Purchasing, selling, leasing and renting out the necessary vehicles for the operations of the Association and the economic enterprise, using medium and short-term loans to achieve objectives of the Association, taking, giving, deleting and altering mortgages, pledges, business pledges, guarantees and other collaterals, signing financial leasing agreements.