VI.  The Managers

73. The Managers are the standing managers running the day-to-day affairs of the Association.

74. The Managers shall be entitled to attend every meeting of the Board, the meetings of the Board committees and annual or special General Meeting of Members.

75. The Managers shall implement all the resolutions made by General Meeting of Members and the Board, and exercise all such functions, powers and discretions as may be conferred by the Bye-Laws and the Rules. The Managers shall report regularly to the General Meeting of Members and the Board.

76. The Managers shall make explanation for the Rules of the Association and the terms and conditions of any other insurance documents or provisions.

77. The Managers shall be entitled to control or direct the conduct of the claims in which the Association is involved and to take legal steps when necessary.

78. Whenever any function, power or discretion is delegated to the Managers pursuant to the Bye-Laws or the Rules, such function, power or discretion may, subject to any terms, conditions or restrictions imposed upon the Managers in relation thereto either pursuant to the Bye-Laws or by the Rules (as the case may be), be exercised by the Managing Director or any one or more of the senior officers of the Managers appointed by the Managing Director or any other person appointed by the Managers.

79. The senior officers of the Managers consist of the Managing Director, the Directors of the Managers and the responsible persons in charge of the financial affairs of the Association.

80. The Managing Director shall act faithfully in compliance with laws and the Bye-Laws for the benefits and interests of the Association, and be responsible to the Board and exercise the functions and powers:

(1) to be in charge of the management of the Managers, to organize all kinds of meetings and activities of the Association and implement the resolutions of the General Meetings of Members and the Board;

(2) to organize the implementation of the annual business plans and investment plans of the Association;

(3)  to formulate rules and regulations of the management of the Managers and to draft the basic management system and organ of the Association;

(4)  to propose the appointment or dismissal of Directors of the  Managers and the responsible persons in charge of the financial affairs and the responsible persons in charge of the subsidiaries and representative offices of the Association;

(5) to appoint or dismiss officers and personnel of the Managers, except those who shall be appointed or dismissed by the Board;

(6) to issue the Certificates of Entry and Endorsement Slips and conclude business contracts on behalf of the Association;

(7) to exercise other functions and powers conferred by the Bye-Laws, the Rules and the Board.

81. The officers of the Managers shall have professional knowledge of shipping, insurance, finance, legal affairs and administration.