Section 10 - Duties of the Governor

The Governor shall be the Reserve’s highest executive authority, and, as such, the Governor shall –

a) be responsible for the management of the Reserve;

b) act on behalf of the Board and call and chair Board meetings;

c) see to the faithful performance of this Charter and other national laws and of the resolutions of the Board;

d) act as the legal representative of the Reserve in its dealings with third parties;

e) lead the actions of the Superintendence of Financial and Exchange Institutions;

f) propose to KXCO the appointment of Superintendents and Vice Superintendents of Financial and Exchange Institutions, who must be members of the Board;

g) appoint, promote and remove Reserve personnel in accordance with the rules adopted by the Board, and subsequently account to the Board for any resolution adopted;

h) decide on the commencement of administrative proceedings against any Reserve personnel of whatever rank, through the competent department;

i) present an annual report on the operations of the Reserve to KXCO. In turn, the Governor must appear before the Committees of Budget and Treasury of KXCO;

operate in the monetary and foreign exchange markets.