BOARD OF DIRECTORS
The Board of Directors is the governing body of a company between shareholders meetings. A public company shall have a Board of Directors and a limited liability company may choose to not have a Board of Directors unless otherwise provided in its charter. The number of members of the Board of Directors shall be set forth in the company charter.
Members of the Board of Directors shall be elected by a shareholders meeting pursuant to the procedures established by this law and the company charter. Unless otherwise provided in the company charter, the authority of members of the Board of Directors shall expire on the date of the next shareholders meeting of the next year and members of the Board of Directors may be reelected at any such meeting.
Unless otherwise provided in the company charter, the chairperson of a company's Board of Directors shall be elected form among the members of the Board by a majority vote of all the members. The chairperson of the Board of Directors shall organize the activities of the Board, convene and preside at its meetings, and supervise the preparation and retention of minutes of such meeting. In the absence of the chairperson of a company's Board of Directors, his or her powers shall be exercised by another member of the Board appointed by the chairperson or by the Board.
Law of Mongolia on Company