Article 25. TIFC Board

1. The TIFC Board is a permanent collegial body and shall consist of no fewer than five members.

2. Except as otherwise specified in this Constitutional Law or TIFC Acts adopted by the Board, the Board shall act by majority vote. In the event of a tie, the Chairman of the Board shall have the casting vote.

3. The Board shall be responsible for the overall strategy, direction, and governance of the TIFC in accordance with this Constitutional Law as well as the realisation of the TIFCʼs purposes, objectives, and principles as set forth in this Constitutional Law.

4. In particular, the Board shall have the following powers:

1) to determine the overall direction and the development strategy of the TIFC;

2) to approve annual budgets, audits, and reports on the activities of the TIFC;

3) to adopt binding TIFC Acts, in the form of resolutions, directives, orders, and other normative acts, provided responsibility is not explicitly allocated to another TIFC Body by this Constitutional Law;

4) to establish and determine the structure, the forms, competence, functions, and termination of subordinate TIFC Bodies;

5) to represent the interests of the TIFC in any discussions or disputes with bodies of state power and administration of the Republic of Uzbekistan outside the TIFC, and abroad;

6) to issue binding decisions, orders and instructions to other TIFC Bodies on matters of coordination, administration, and implementation of the strategic framework of the TIFC, in accordance with this Constitutional Law provided that such decisions, orders and instructions shall not prejudice the operational independence of the TFSA or the judicial independence of the TICC; and;

7) to prescribe phased implementation schedules for the commencement of specific sectors, activities, services, jurisdictions, institutions or regulatory frameworks within the TIFC.

5. The TIFC Board shall also exercise such other powers as are not inconsistent with this Constitutional Law.

6. The Board shall establish a Participants Advisory Committee composed of representatives of TIFC Participants, independent legal and financial experts, and other persons the Board considers appropriate, which shall provide non-binding advisory input on proposed significant TIFC Acts before their enactment. The Board shall give due consideration to the recommendations of the Participants Advisory Committee and shall publish a statement of its reasons where it departs materially from those recommendations.