APYME

I refer you to the item in the last committee minutes dated 2nd September, APYME's reply after studying the statutes and the libros de actas (1981).

THIS IS WHAT WE UNDERSTAND OF YOUR STATUTES:
POINT 30: MEMBERS OF THE BOARD OF DIRECTORS MUST OF NECESSITY BE OWNERS AND THEIR APPOINTMENT SHALL BE FOR A MAXIMUM TERM OF ONE YEAR, AND THEY MAY BE RE-ELECTED INDEFINATELY. IT IS TO BE PROPOSED AT THE 1981 AGM THAT THE MAXIMUM TERM OF APPOINTMENT BE CHANGED FROM ONE TO THREE YEARS.

That means the government board changes from one year to three years maximum and then can be elected indefinately.

BY WAY OF EXCEPTION, RENEWAL OF THE FIRST BOARD OF DIRECTORS SHALL TAKE PLACE IN THE YEAR OF ITS APPOINTMENT ONLY WITH THE REGARD TO THE VICE PRESIDENT, TREASURER AND MEMBER NO. 1 AT THE ORDINARY OR EXTRAORDINARY MEETING TO BE HELD ONCE A YEAR HAS PASSED FROM THEIR APPOINTMENT.

That means after one year Vice President, Treasurer and member no.1 can be changed.

THE FIRST RENEWAL OF POSITIONS OF PRESIDENT, SECRETARY AND MEMBER NO. 2 SHALL TAKE PLACE AT THE ORDINARY OR EXTRAORDINARY MEETING HELD IN THE YEAR FOLLOWING THE PRECEDING RENEWAL.

That means after two years President, Secretary and member No. 2 can be changed.

The capital print is as it was sent to me and it would therefore appear that I shall be standing for another year and would appreciate your continuing support.