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Chairman of the General Meeting, of the official of the Bank keeping the Minu- 
tes. and of one shareholder nominated for this purpose by the General Meeting. 
PART IV. 
BOARD OF DIRECTORS. 
Article 25. 
The general conduct of the affairs of the Bank shall be entrusted to a Board 
of Directors, responsible to the General Meeting and consisting of the President, 
two members of the Management nominated by the President, and seven other 
members elected for three years by the General Meeting. 
The General Meeting shall elect members of the Board of Directors from 
persons representing the following interests: — Industry, Commerce, Agriculture, 
Co-operatives and Organised workers. The respective candidates are proposed 
through the Board of Directors by bodies representing these interests. 
Two of the elected Directors, to be chosen by lot not less than 14 days 
before the Ordinary General Meeting, shall retire at each of the first two Ordi- 
nary General Meetings following that at which they were elected. Thereafter 
the Directors shall retire annually in accordance with their length of service. 
Retiring members may be re-nominated and re-elected. 
Article 26. 
All shareholders of the Bank, nominated as provided in Article 25, have 
the right to be elected as members of the Board of Directors, except the follow- 
ing persons who shall not be eligible as Directors of the Eesti Pank: — 
(1) Officials of the Government, of Municipalities or of other public bodies, 
(2) Members of Parliament, 
(3) Foreigners. 
No two persons who are associated together. in business may at one and 
the same time be Directors of the Bank. 
Article 27. 
Each of the bodies mentioned in Article 25 shall nominate not less than 
two candidates from among shareholders of the Bank. 
Article 28. 
Every candidate nominated in accordance with Article 27 shall be put to 
the vote at the General Meeting personally and separately, and those receiving 
the highest number of votes of shareholders present or represented shall be 
taken as elected, provided all the interests mentioned in Article 25 are represented. 
For each elected Director a substitute shall be elected for the same period, in 
a similar manner and from the same branch. 
Article 20. 
Any person whose status comes within the definition of Article 18 shall 
forthwith cease to hold office as a Director.