2. The President of the Board of Directors shall, where there is no a Vice-President, designate a voting member to substitute him or her in his or her absences or inability to act; and in the absence of such designation, the President of the Board of Directors shall be substituted by the most senior voting member or, in case of equal seniority, by the oldest voting member. 3. On duly substantiated grounds of urgency, the President of the Board of Directors or the person substituting him or her in his or her absences or inability to act, may perform any acts falling with the competence of the Board of Directors, which shall, however, be subject to ratification at the first ordinary meeting of the Board. 4. The President of the Board of Directors may delegate the exercise of part of his or her competencies to any of the other Board members. Section 30 ARCOM’s binding commitment 1. ARCOM is bound by the signature: (a) of the President of the Board of Directors or of the two other members, unless otherwise decided by the same board; (b) of a competent person, under the terms of his or her respective mandate, and within the scope thereof. 2. Mere paperwork acts may be signed by any of the Board of Directors members or by ARCOM employees upon whom power to do so has been expressly conferred. 3. Without prejudice to the provisions of the preceding subsections, ARCOM is also bound by the signature of its agents, within the strict scope of such powers as may have been conferred upon such agents. PART III Monitoring Committee Section 31 Function The Monitoring Committee is the organ responsible for controlling the legality and consteffectiveness of ARCOM’s financial and property management and is the advisory body to the Board of Directors in this respect. Section 32 Monitoring Committee 1. The Monitoring Committee is composed of one president and two voting members, one of whom being an official auditor or accountant, to be appointed by joint instruction of the