# Governance

As a Swiss-based non-profit, we are protected from EU and US regulations and restrictions applying to Bitcoin and related industries.

The Association is governed by three parties:

1. Board of Directors
2. Chair of the Board
3. Chief Engineer

## Board of Directors

The Board of Directors is the supreme governing body of the Association. It is formed by the members of the Association (see [Membership](broken://pages/iDiMWUtTxOhvTsHJYxcA)). The directors:

1. Appoint the Chair for 2 years with 2/3 of the votes. The same Chair can be re-appointed multiple times.
2. Remove the Chair with a vote of no confidence (which can be held once a year) with 75% of votes
3. Approve the annual report by the Chief Engineer with a simple majority
4. Propose additional research topics with 25% of the votes.
5. Appoint a new Chief Engineer (upon resignation or death of the previous one) with 75% votes

## Chair of the Board

The chair of the Board represents the Board for the daily Association matters.

1. Publically represents the Association.
2. Participates in Association fundraising campaigns.
3. Approves the annual budget proposed by the Chief Engineer.
4. Has the casting vote in case of 50/50% split in the Board voting.

## Chief Engineer

Chief Engineer is the executive head of the Association, leading all Association research & development efforts. Once elected, Chief Engineer holds the office until resignation or death. 

1. Publically represents the Association.
2. Organizes Association fundraising campaigns.
3. Prepares proposal on the annual budget.
4. Defines annual research & development plans; presents an annual report on its execution to the Board.
5. Responsible for the execution of the annual budget and R\&D plans.execution
6. Manages Association operations in a day-to-day manner.
7. Appoints or removes other executives and employees.

Additionally, the Chief Engineer has the following privileges:

1. Can veto the Chair of the Board proposed by the Board (once per election).
2. Upon resignation or as a part of the Will can veto specific persons from being elected as the next Chief Engineer


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