On August 15, AmCham Board of Directors has amended and restated the Bylaws in order to update the governing principles of the American Chamber of Commerce in Moldova. Besides a series of editorial improvements, the document includes the following major amendments:
1. Taking into consideration AmCham steady membership increase, it was decided to reduce the quorum for Annual General Meeting to 50%+1.
2. It was opted for extending the Presidential and Board of Directors mandate from 1 to 2 years. On the other hand, the presidential mandate is limited to be served up to two consecutive terms.
3. The procedure of a Board member replacement was defined. Therefore, in case of unavailability (e.g.: health, transfer, relocation, resignation) of the representative of a Company that has been elected as a member of the Board, the position is filled by the candidate who accumulated the next highest number of votes at the previous Board elections, but not less than half of all votes. In case there are not any candidates who run for the Board, the Company whose representative cannot serve anymore on the Board shall designate another representative, who will perform as a member of the Board until the next elections.
The new provisions enter into force beginning with the next Board of Directors mandate.
If you would like to read the new version of AmCham Bylaws, please contact AmCham Executive office.