Article 183 of Companies Law

The board of directors shall elect—by secret ballot—a chairman of the board and a vice-chairman, and Law Index 1498 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law the chairman of the board of directors shall represent the company in its relations with third parties and before the courts, in addition to the other powers specified in the company’s contract. His signature shall be deemed equivalent to the signature of the board of directors in the company’s relations with third parties. He must implement the board’s resolutions and comply with its recommendations. The vice-chairman shall replace the chairman in his absence or where an impediment prevents him from exercising his powers. The company shall have one or more chief executive officers appointed by the board of directors from among the board members or others, entrusted with managing the company. The board shall determine his remuneration and his powers to sign on behalf of the company. The positions of chairman of the board of directors and chief executive officer may not be combined.