S.L. 595.40 Art. 11Approvals Board.

(1) As a special arrangement in terms of article

26(2)(d), read in conjunction with article 39 of the Act, the Agency shall have a separate Board to make recommendations for approving or refusing applications for the issue of residence-by-investment certificates submitted to it by the Chief Executive Officer. The number of Approvals Boards shall be established by the Minister and one of the Boards shall be known as the "Approvals Board – First Division":

Provided that the Chief Executive Officer shall submit all applications before the Approvals Board.

(2) The distribution of applications among the Approvals Boards shall be carried out by the Chief Executive Officer, accordingly, so that each Approvals Board, as far as possible, is assigned an equal number of cases. Each Board shall be composed of a Chairperson and four (4) other members all appointed by the Minister. One (1) of those members shall be chosen to act as secretary where his role is to make the necessary preparations for the Board meeting and to take minutes of those meetings.

(3) The members of the Board shall hold office for a period of three (3) years, but each board member may be reappointed at the end of this term. Any member may, before expiration of his term of office, resign by letter addressed to the Minister:

Provided that the members of the Board may be removed from office by the Minister prior to the expiry of their term of office where, in the opinion of the Minister, a member is unable to perform the duties of his office or there are reasonable grounds for his removal.

(4) The Chief Executive Officer, employees, previous employees and the members of the Board of Directors, are not eligible to be members of the Approvals Board.

(5) The remuneration paid to members of the Board shall be in accordance with the Act and established guidelines.

(6) The meetings of the Approvals Board shall be called by the Chairperson as often as may be necessary for the performance of its functions either on his own initiative or at the request of the Chief Executive Officer, but the Approvals Board shall meet at least once every month.

(7) The quorum at all meetings of the Approvals Board shall in no case be less than three (3) members.

(8) Subject to the provisions of this order, the Approvals Board may regulate its own procedure.

(9) An act or proceeding of the Approvals Board shall be valid notwithstanding any vacancy among its members.

(10) In the absence of the Chairperson at any meeting of the Approvals Board, the Approvals Board members present may select from amongst themselves a person to act as Chairperson at the meeting.

(11) The decisions of the Approvals Board shall be taken by a majority of the votes of the members present and voting. In the case of equal votes, the Chairperson or other person presiding at the meeting shall have a second or casting vote.

(12) In the absence of the Board Secretary at any meeting of the Approvals Board, the Approvals Board may appoint any employee of the Agency to act as Secretary to the Approvals Board meeting.

(13) The Board of Approvals shall review applications submitted to it by officers of the Agency, and it shall have the final say on whether an application is favourably considered for approval or not, ensuring that decisions made are fair and objective, and according to law. When reviewing applications, the Approvals Board shall:

(a) receive and consider due diligence reports on applicants, and exercise appropriate methods of inquiry and examination with respect to the information presented;

(b) request the Agency to conduct further due diligence or other checks in line with legal and regulatory requirements when it considers that it is appropriate to do so; and

(c) request all necessary information from the Agency.

(14) Approvals Board members shall treat as confidential all information concerning applicants and any information communicated to them by the Chief Executive Officer or any other officer, employee, or advisor of the Agency.