Common use of Board of Directors: Powers Clause in Contracts

Board of Directors: Powers. The Board of Directors shall be responsible for the direction of the general operations of the Bank and, for this purpose, shall, in addition to the powers assigned to it expressly by this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: (i) prepare the work of the Board of Governors; (ii) establish the policies of the Bank, and, by a majority representing not less than three-fourths of the total voting power of the members, take decisions on major operational and financial policies and on delegation of authority to the President under Bank policies; (iii) take decisions concerning operations of the Bank under paragraph 2 of Article 11, and, by a majority representing not less than three-fourths of the total voting power of the members, decide on the delegation of such authority to the President; (iv) supervise the management and the operation of the Bank on a regular basis, and establish an oversight mechanism for that purpose, in line with principles of transparency, openness, independence and accountability; (v) approve the strategy, annual plan and budget of the Bank; (vi) appoint such committees as deemed advisable; and (vii) submit the audited accounts for each financial year for approval of the Board of Governors.

Board of Directors: Powers. The Board of Directors shall be responsible for the direction of the general operations of the Bank and, for this purpose, shall, in addition to the powers assigned to it expressly by this Agreement, exercise all the powers pow- ers delegated to it by the Board of Governors, and in particular: (i) prepare the work of the Board of Governors; (ii) establish the policies of the Bank, and, by a majority representing not less than three-fourths of the total voting power of the members, take decisions on major operational and financial policies and on delegation delega- tion of authority to the President under Bank policies; (iii) take decisions concerning operations of the Bank under paragraph 2 of Article 11, and, by a majority representing rep- resenting not less than three-fourths of the total voting power of the members, decide on the delegation of such authority to the President; (iv) supervise the management and the operation of the Bank on a regular basis, and establish an oversight mechanism for that purpose, in line with principles of transparency, openness, independence and accountabilityac- countability; (v) approve the strategy, annual plan and budget of the Bank; (vi) appoint such committees as deemed advisable; and (vii) submit the audited accounts for each financial year for approval of the Board of Governors.

Board of Directors: Powers. The Board of Directors shall be responsible for the direction of the general operations of the Bank and, for this purpose, shall, in addition to the powers assigned to it expressly by this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: (i) prepare the work of the Board of Governors; (ii) establish the policies of the Bank, and, by a majority representing not less than three-three- fourths of the total voting power of the members, take decisions on major operational and financial policies and on delegation of authority to the President under Bank policies; (iii) take decisions concerning operations of the Bank under paragraph 2 of Article 11, and, by a majority representing not less than three-fourths of the total voting power of the members, decide on the delegation of such authority to the President; (iv) supervise the management and the operation of the Bank on a regular basis, and establish an oversight mechanism for that purpose, in line with principles of transparency, openness, independence and accountability; (v) approve the strategy, annual plan and budget of the Bank; (vi) appoint such committees as deemed advisable; and (vii) submit the audited accounts for each financial year for approval of the Board of Governors.