ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 DECEMBER 2022 Page 47
Association, as well as for the issuance of a joint bond loan as well as a convertible bond loan regardless of the
amount, (c) decides on the establishment and abolition of construction sites and the establishment and abolition
of Branches and determines the extent of these works and the jurisdiction of the Directors, determines and
controls every expense related to the operation of Company, appoints and dismisses the Directors of the
Company, arranging the responsibilities, obligations and remuneration of each of them, as well as the
remuneration of those charged with a special service or mandate, as long as they are not members of the Board
of Directors, in which case the more specific provisions of law and the Company's Articles of Association, (d)
concludes loans and other credit facilities with any conditions and collateral, (e) decides on the acquisition of
real estate or the sale of the Company's real estate, concludes purchases, sales, exchanges, contractual
agreements with landlords for construction of an apartment building for consideration, mortgages, pledges or
leases of real estate and movable property, the acquisition and expropriation of various rights and obligations
of the Company, ( f ) issues, accepts , endorses and discounts bills of exchange and promissory notes, bank or
other cheques, in the name issued by the Company , (g) signs all kinds of Bank credits, whether on mortgages,
or on pledged securities, or on open accounts and provides guarantees in favor of third parties, natural or legal
persons, with whom the Company has transactions and if it decides, that this is necessary for the achievement
of the corporate purpose, (h) represents the Company before any Customs Authority, performing any act for
the receipt or shipment of goods, either for the interior or for the exterior, signing declarations and any other
relevant customs document , which concerns the Company, (i) receives and transfers by endorsement or in any
other way bills of lading and pays them, issued in the name of the Company, (j) makes discounts and advances,
beneficially invests the Company's property, collects the dues in it by any natural or legal person, of private or
public law, or of the State and signs any contracts with or without concessions or privileges, ( k ) determines
the conditions of the establishment and participation of the Company in all kinds of companies and enterprises,
( l ) determines the general conditions of the current credit accounts and all the Company's accounts in general,
( m ) assigns the Company's receivables, accepts the assignment of other such, ( n ) determines every time the
use of available funds, ( o ) accepts , induces and gives the oaths imposed for the Company, designating one
of its members or the Company's employees for the installment of the oath, ( p ) negotiates , contracts,
compromises, signs co-contracts, appoints arbitrators, decides on the lawsuits, filing of complaints, exercise of
regular and extraordinary remedies and other remedies, accepts decisions, waives regular and extraordinary
remedies, waives all or part of pleadings and trials, and decides on the registration, elimination or removal of
mortgages, pre-notes , confiscations and for the abolition of lawsuits, ( q ) grants general or partial power of
attorney to the persons it approves and appoints attorneys of the Company, providing them with the appropriate
judicial power of attorney and revokes them, (r) convenes the General Meetings of shareholders, regular or
extraordinary, arranges the items on their agenda, closes the accounts and the annual balance sheet of the
Company and submits it with the necessary explanatory report to the General Meeting of shareholders,
proposing to it the depreciations that must be made on the doubtful accounts or on the installation expenses
and the necessary deductions, either for contingent losses, or for the formation of an extraordinary reserve, as
well as for the dividends distributed to the shareholders, ( s ) proposes to the General Meeting the amendment