BYE-LAW 2.            MANAGEMENT AND CONTROL

(a)     The Council has the ultimate and supreme legislative authority in respect of the affairs of World Rugby which it shall exercise in accordance with these Bye-Laws. The Executive Committee is responsible for formulating and overseeing implementation of World Rugby’s strategic plan and application of policy decisions in accordance with the provisions of these Bye-Laws.

(b)     Funds, securities and other property belonging to or at the disposal of World Rugby may be invested in any property or class of security or securities without any restriction whatsoever and shall be made in the names of nominees or the name of a nominee company as may from time to time be decided by the Council or the Executive Committee (as the case may be). The nominees or nominee company (as the case may be) shall have the custody of all securities and documents of title relating to the investments but such investments nevertheless remain at the disposal of World Rugby acting by the Council or the Executive Committee (as the case may be).

(c)     Without limiting the generality of the foregoing World Rugby acting by the Council (or the Executive Committee to the extent permitted by the memorandum and articles of association of the Company) shall have power to hold purchase or take on lease or licence any real or personal property and shall have power to authorise the sale, exchange, lease, mortgage, charge or other disposition of or dealing with any such property.

(d)     The Council or the Executive Committee (to the extent permitted by the memorandum and articles of association of the Company) shall have power on behalf of World Rugby to raise or borrow any sum or sums of money with or without security for any purpose which it considers necessary to further the objects of World Rugby and to secure the repayment of the same by mortgaging or charging any of World Rugby’s property.

(e)     The Council may appoint one or more of its members or any nominee company (which may be the Company) to act in legal proceedings in the name of and on behalf of World Rugby on such terms (whether as to costs or otherwise) as the Council may determine.