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III. The Reserve Bank
  
  3.1 Structure of Bank  
  Article 23- Board of Governors  
23.1 Board of Governors  
  Executive Power of the Bank shall be vested in a Board of Governors comprising a Board, a Treasury and Directors of Agencies.
  
  The Board of Governors shall consist of thirteen (13) members being twelve (12) elected by the Senate of each Union and a Treasurer in the non-voting capacity of Board Secretary.
  
  Each member of the Board of Governors shall have one (1) vote.
  
23.2 Power of the Board of Governors  
  The Board of Governors is vested with the executive authority to manage the needs and affairs of the Americas Union Reserve Bank through the selection or dismissal of wise counsel in the form of the Treasurer, the Directors of Agencies, their agencies, officials and administrative support.
  
  The Board of Governors shall have the authority over all agencies and subsidiary organs and shall appoint the Treasurer as Chairman of the Board of Directors responsible for the daily operation and oversight of all agencies and subsidiary organs on behalf of the Bank.
  
  The Board of Governors shall have the authority to veto any motions having been presented once and passed by the Members but not having two thirds majority of Members. The Board of Governors shall not have the power to veto motions having been passed without major amendment by the Members for a second time.
  
  In discharging these duties the Board of Governors shall act in accordance with the Purposes and Principles of the Bank.
  
23.3 Term of Office of Governors  
  A Governor shall hold their term of office for the same period as the election cycle for the Society with a new Board elected within 40 days of conclusion of elections for the Union.  
  A Governor may not hold office for longer than two terms, nor may a Governor remain in office beyond the age of eighty (80) years.  
23.4 Chairman of Board of Governors  
  Upon the convening of a new Board, the first order of business shall be the election of a Chairman by simply majority public vote. If no simple majority can be decided, then the Secretary-General of the Union may add their vote as a casting vote to select the candidate for Chairman.  
  The Chairman shall then be responsible for the good conduct of all Board meetings, the establishment of agendas, the conduct of votes and discussions and the calls for votes. The Board may also elect a Deputy-Chairman in the event the Chairman may be absent and the Deputy Chairman is required to manage the Board Meeting.  
23.5 Temporary Board of Governors  
  During the establishment phase of the Bank, a temporary Board of Governors of twelve (12) shall be established.  
  The temporary board shall be dissolved upon the permanent election of the Board of Governors after December 21, 2012.  
  Governors shall be selected from candidates representing the leaders of Corporations having been granted a valid Corporate Member number and themselves also being a member.  
  Upon the nomination of a suitable candidate, the candidate must demonstrate their commitment to the success of the Bank by ensuring they or their corporation underwrite equivalent valid bills of exchange instruments to the total value of ten thousand (10,000) Globe Silver Credits of the Banks Capital in exchange for equivalent fiat currency to the value of ten million (€ 10,000,000) Euros deposited to the Bank as cash.  
  The Temporary Board shall then use these funds in accordance with this Charter to assist in the operational establishment of the Bank.  
  A candidate may not be appointed to the temporary Board unless they have demonstrated such support to the establishment needs of the Bank in exchanging instruments as outlined.  
     
     
 
 

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