Common use of Management of Corporation Clause in Contracts

Management of Corporation. The business of the Corporation shall be managed under the direction of the Board. Specific functions of the Board shall include, but not be limited to: (a) govern the Corporation and oversee all of its activities; (b) establish and oversee all organizational groups; (c) approve, revise and enforce Reliability Standards utilizing a fair, open, balanced and inclusive process; (d) establish compliance monitoring procedures and requirements, and penalties and sanctions for non-compliance consistent with applicable NERC Rules; (e) impose penalties and sanctions consistent with the NERC Rules and the procedures approved by the Board; (f) establish and approve an annual budget for submission to NERC; (g) hire the Corporation’s president and approve his or her salary; (h) annually at the first regular Board meeting following the annual meeting of Members, elect a Chair (“Chair”) and a vice-chair from among the directors on the Board; and (i) establish Board committees as appropriate.