Common use of Board of Governors Clause in Contracts

Board of Governors. (a) All the powers of the Association shall be vested in the Board of Governors. (b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio be a Governor and Alternate Governor, respectively, of the Association. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Association. (c) The Board of Governors may delegate to the Executive Directors authority to exercise any of its powers, except the power to: (i) admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine the terms and conditions relating thereto; (iii) suspend a member; (iv) decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide to suspend permanently the operations of the Association and to distribute its assets; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreement. (d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (f) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (g) The Association may by regulation establish a procedure whereby the Executive Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (h) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Association. (i) Governors and Alternate Governors shall serve as such without compensation from the Association.

Board of Governors. (composition and powers a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Each Governor Governors consisting of one governor and Alternate Governor one alternate appointed by each member in such manner as it may determine. Governors shall be at ministerial level, and may be replaced subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio be a Governor and Alternate Governor, respectively, of the Associationappointing him. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall on an annual basis select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairperson. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend a member; (iv) amend this Agreement; (v) decide appeals from interpretations of this Agreement agreement given by the Executive Directors; (v) make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide to suspend permanently authorize the operations conclusion of the Association and to distribute its assetsgeneral agreements for cooperation with other international organizations; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; andthe Bank; (viii) decide to terminate the operations of the Bank and to distribute its assets; (ix) decide on the number of additional Vice-Presidents; (x) elect the President of the Bank; (xi) approve proposed amendments a proposal by the Board of Directors to this Agreementcall capital; (xii) approve the General Strategy of the Bank every 5 (five) years. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. (e) The annual meeting . Meetings of the Board shall be called by the Directors whenever requested by members, the number of which shall be determined by the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bankfrom time to time. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-two thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank. h) The Board of Governors shall determine the salary and terms of the contract of service of the President. i) The Board of Governors shall retain full power to exercise authority over any matter delegated to the Board of Directors under paragraph (a) of Article 12.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationChairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend Suspend a member; (iv) decide Decide appeals from interpretations of this Agreement given by the Executive Directors;, (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; (vii) determine Determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a) All the powers of the Association Fund shall be vested in the Board of Governors. (b) , consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission;. (ii) authorize additional subscriptions and determine the terms and conditions relating thereto;Approve a revision of quotas. (iii) suspend Approve a member;uniform change in the par value of the currencies of all members. (iv) decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and or administrative character);. (v) Determine the distribution of the net income of the Fund. (vi) decide Require a member to suspend permanently the operations of the Association and to distribute its assets;withdraw. (vii) determine Decide to liquidate the distribution of the Association's net income pursuant to Section 12 of this Article; andFund. (viii) approve proposed amendments to Decide appeals from interpretations of this AgreementAgreement given by the Executive Directors. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, governors exercising not less than two-thirds of the total voting power. (ge) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. (f) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the Governors governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hg) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationFund. (h) Governors and alternates shall serve as such without, compensation from the Fund, but the Fund shall pay them reasonable expenses incurred in attending meetings. (i) Governors and Alternate The Board of Governors shall serve as such without compensation from determine the Associationremuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director.

Board of Governors. (a) All the powers of the Association Corporation shall be vested in the Board of Governors. (b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association Corporation shall ex officio be a Governor and or Alternate Governor, respectively, of the AssociationCorporation. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationCorporation. (c) The Board of Governors may delegate to the Executive Board of Directors authority to exercise any of its powers, except the power to: (i) admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend a member; (iv) decide appeals from interpretations of this Agreement given by the Executive Board of Directors; (v) make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide to suspend permanently the operations of the Association Corporation and to distribute its assets; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; anddeclare dividends; (viii) approve proposed amendments to amend this Agreement. (d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Board of Directors. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (f) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (g) The Association Corporation may by regulation establish a procedure whereby the Executive Board of Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (h) The Board of Governors, and the Executive Board of Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationCorporation. (i) Governors and Alternate Governors shall serve as such without compensation from the AssociationCorporation.

Board of Governors. (a) All the powers of the Association Corporation shall be vested in the Board of Governors. (b) Each Governor and Alternate Governor of the Inter-American Development Bank appointed by a member country of the Bank which is also a member of the Association shall ex officio Corporation shall, unless the respective country indicates to the contrary, be a Governor and or Alternate GovernorGovernor ex-officio, respectively, of the AssociationCorporation. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any A Governor or and Alternate Governor shall cease to hold office if the member by which he was they were appointed shall cease ceases to be a member of the AssociationCorporation. (c) The Board of Governors may delegate all its powers to the Board of Executive Directors authority to exercise any of its powersDirec- tors, except the power to: (i) admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend a member; (iv) consider and decide appeals from on interpretations of this Agreement given made by the Board of Executive Directors; (v) make arrangements pursuant to Section 7 approve, after receipt of this Article to cooperate with other international organizations (other than informal arrangements the auditors’ report, the general balance sheets and the statements of a temporary profit and administrative character)loss of the institution; (vi) rule on reserves and the distribution of net income, and declare dividends; (vii) engage the services of external auditors to examine the general balance sheets and the statements of profit and loss of the institution; (viii) amend this Agreement; and (ix) decide to suspend permanently the operations of the Association Corporation and to distribute dis- tribute its assets; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreement. (d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. (e) The annual meeting of the Board of Governors meeting, which shall be held in conjunction with the annual meeting of the Board of Governors of the Inter-American Development Bank. It may meet on other occasions by call of the Board of Executive Directors. (fe) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than Governors representing at least two-thirds of the total voting power. (g) votes of the members. The Association Board of Governors may by regulation establish a procedure whereby the Board of Executive Directors Directors, if it deems appropriate, may obtain submit a specific question to a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (hf) The Board of Governors, Governors and the Board of Executive Directors Directors, to the extent the lat- ter is authorized, may adopt issue such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationCorporation. (ig) Governors and Alternate Governors shall serve as such without compensation from the AssociationCorporation.

Board of Governors. (a) All the powers of the Association Fund shall be vested in the Board of Governors. (b) , consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence abscence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission;. (ii) authorize additional subscriptions and determine the terms and conditions relating thereto;Approve a revision of quotas. (iii) suspend Approve a member;uniform change in the par value of the currencies of all members. (iv) decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and or administrative character);. (v) Determine the distribution of the net income of the Fund. (vi) decide Require a member to suspend permanently the operations of the Association and to distribute its assets;withdraw. (vii) determine Decide to liquidate the distribution of the Association's net income pursuant to Section 12 of this Article; andFund. (viii) approve proposed amendments to Decide appeals from interpretations of this AgreementAgreement given by the Executive Directors. (dc) The Board of Governors shall hold an and annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, governors exercising not less than two-thirds of the total voting power. (ge) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. (f) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the Governors governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hg) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationFund. (ih) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationFund, but the Fund shall pay them reasonable expenses incurred in attending meetings. (i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationChairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend Suspend a member; (iv) decide Decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; (vii) determine Determine the distribution of the Association's net not income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, Governors and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors Governor-s as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend Suspend a member; (iv) decide Decide appeals from interpretations of this Agreement agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; (vii) determine Determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a) All the powers of the Association Corporation shall be vested in the Board of Governors. (b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association Corporation shall ex officio 0#icio be a Governor and or Alternate Governor, respectively, of the AssociationCorporation. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationCorporation. (c) The Board of Governors may delegate to the Executive Board of Directors authority to exercise any of its powers, except the power to: (i) admit Admit new members and determine the conditions of their admission;: (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating thereto;capital stock: (iii) suspend Suspend a member;: (iv) decide Decide appeals from interpretations of this Agreement given by the Executive Board of Directors;: (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations organisations (other than informal arrangements of a temporary and administrative character);) : (vi) decide Decide to suspend permanently the operations of the Association Corporation and to distribute its assets;: (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; andDeclare dividends: (viii) approve proposed amendments to Amend this Agreement. (d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Board of Directors. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (f) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (g) The Association may by regulation establish a procedure whereby the Executive Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (h) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Association. (i) Governors and Alternate Governors shall serve as such without compensation from the Association.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend Suspend a member; (iv) decide Decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; (vii) determine Determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a( a ) All the powers of the Association Corporation shall be vested in the Board of Governors. (b( b ) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association Corporation shall ex officio be a Governor and or Alternate Governor, respectively, of the AssociationCorporation. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationCorporation. (c( c ) The Board of Governors may delegate to the Executive Board of Directors authority to exercise any of its powers, except the power to: : (i) admit new members and determine the conditions of their admission; ; (ii) authorize additional subscriptions and determine increase or decrease the terms and conditions relating thereto; capital stock; (iii) suspend a member; ; (iv) decide appeals from interpretations of this Agreement given by the Executive Board of Directors; ; MEMBERSHIP OF INTERNATIONAL FINANCIAL ORGANISATIONS g CAP. 235. 47 (v) make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); ; (vi) decide to suspend permanently the operations of the Association Corporation and to distribute its assets; ; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Articledeclare dividends; and (viii) approve proposed amendments to amend this Agreement. (d( d ) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Board of Directors. (e( e ) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (f( f ) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (g( g ) The Association Corporation may by regulation establish a procedure whereby the Executive Board of Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (h( h ) The Board of Governors, and the Executive Board of Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationCorporation. (i( i ) Governors and Alternate Governors shall serve as such without compensation from the AssociationCorporation.

Board of Governors. (a) composition and powers a. All the powers of the Association Bank shall be vested in the Board of Governors. (b) Each Governor Governors consisting of one governor and Alternate Governor one alternate appointed by each member in such manner as it may determine. Governors shall be at ministerial level, and may be replaced subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio be a Governor and Alternate Governor, respectively, of the Associationappointing him. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall on an annual basis select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairperson. (c) b. The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) i. admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine . increase or decrease the terms and conditions relating theretocapital stock; (iii) . suspend a member; (iv) . amend this Agreement; v. decide appeals from interpretations of this Agreement agreement given by the Executive Directors; (v) make arrangements pursuant to Section 7 vi. authorize the conclusion of this Article to cooperate general agreements for cooperation with other international organizations (other than informal arrangements of a temporary and administrative character)organizations; (vi) vii. determine the distribution of the net income of the Bank; viii. decide to suspend permanently terminate the operations of the Association Bank and to distribute its assets; (vii) determine ix. decide on the distribution number of additional Vice-Presidents; x. elect the President of the Association's net income pursuant Bank; xi. approve a proposal by the Board of Directors to Section 12 call capital; xii. approve the General Strategy of this Article; and the Bank every 5 (viiifive) approve proposed amendments to this Agreementyears. (d) c. The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. (e) The annual meeting . Meetings of the Board shall be called by the Directors whenever requested by members, the number of which shall be determined by the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bankfrom time to time. (f) d. A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-two thirds of the total voting power. (g) e. The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (h) f. The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (i) g. Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank. h. The Board of Governors shall determine the salary and terms of the contract of service of the President. i. The Board of Governors shall retain full power to exercise authority over any matter delegated to the Board of Directors under paragraph (a) of Article 12.

Board of Governors. (a) All the powers of the Association Fund shall be vested in the Board of Governors. (b) Gov- ernors, consisting of one governor and one al- ternate appointed by each member in such man- ner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchair- man. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power toto : (i) admit Admit new members and determine the conditions of their admission;. (ii) authorize additional subscriptions and determine the terms and conditions relating thereto;Approve a revision of quotas. (iii) suspend Approve a member;uniform change in the par value of the currencies of all members. (iv) decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate co-operate with other international organizations (other than informal arrangements of a temporary and or administrative character);. (v) Determine the distribution of the net in- come of the Fund. (vi) decide Require a member to suspend permanently the operations of the Association and to distribute its assets;withdraw. (vii) determine Decide to liquidate the distribution of the Association's net income pursuant to Section 12 of this Article; andFund. (viii) approve proposed amendments to Decide appeals from interpretations of this Agreementagreement given by the Executive Directors. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever re- quested by five members or by members having one-quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, xxxxx- xxxx exercising not less than two-thirds of the total voting power. (ge) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. (f) The Association Board of Governors may by regulation regula- tion establish a procedure whereby the Executive Directors Execu- tive Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the Governors governors on a specific question without calling a meeting of the Board of GovernorsBoard. (h) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Association. (i) Governors and Alternate Governors shall serve as such without compensation from the Association.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alterna te appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors Governor-s as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: : (i) admit Admit new members and determine the conditions of their admission; ; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating thereto; capital stock; (iii) suspend Suspend a member; ; (iv) decide Decide appeals from interpretations of this Agreement agreement given by the Executive Directors; ; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); ; (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; ; (vii) determine Determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors Xxxx rnors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a) All the powers of the Association Bank shall be vested in the Board of Governors. (b) Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationChairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine Increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend Suspend a member; (iv) decide Decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide Decide to suspend permanently the operations of the Association Bank and to distribute its assets; (vii) determine Determine the distribution of the Association's net income pursuant to Section 12 of this Article; and (viii) approve proposed amendments to this Agreementthe Bank. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-two thirds of the total voting power. (ge) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hf) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationBank. (ig) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationBank, but the Bank shall pay them reasonable expenses incurred in attending meetings. (h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.

Board of Governors. (a) All the powers of the Association Corporation shall be vested in the Board of Governors. (b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association Corporation shall ex officio be a Governor and or Alternate Governor, respectively, of the AssociationCorporation. No Alternate Governor may vote vole except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the AssociationCorporation. (c) The Board of Governors may delegate to the Executive Board of Directors authority to exercise any of its powers, except the power to:lo— (i) admit new members and determine the conditions of their admission; (ii) authorize additional subscriptions and determine increase or decrease the terms and conditions relating theretocapital stock; (iii) suspend a member; (iv) decide appeals from interpretations of this Agreement given by the Executive DirectorsBoard of Directors ; (v) make arrangements pursuant to Section 7 of this Article to cooperate co-operate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) decide to suspend permanently the operations of the Association Corporation and to distribute its assetsassets ; (vii) determine the distribution of the Association's net income pursuant to Section 12 of this Article; anddeclare dividends; (viii) approve proposed amendments to amend this Agreement. (d) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors.by (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (f) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power. (g) The Association Corporation may by regulation establish a procedure whereby the Executive Board of Directors may obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors. (h) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Association. (i) Governors and Alternate Governors shall serve as such without compensation from the Association.vote

Board of Governors. (a) All the powers of the Association Fund shall be vested in the Board of Governors. (b) , consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each Governor governor and Alternate Governor each alternate shall serve for five years, subject to the pleasure of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio appointing him, and may be a Governor and Alternate Governor, respectively, of the Associationreappointed. No Alternate Governor alternate may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Associationchairman. (cb) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of its powersthe Board, except the power to: (i) admit Admit new members and determine the conditions of their admission;. (ii) authorize additional subscriptions and determine the terms and conditions relating thereto;Approve a revision of quotas. (iii) suspend Approve a member;uniform change in the par value of the currencies of all members. (iv) decide appeals from interpretations of this Agreement given by the Executive Directors; (v) make Make arrangements pursuant to Section 7 of this Article to cooperate with other international organizations (other than informal arrangements of a temporary and or administrative character);. (v) Determine the distribution of the net income of the Fund. (vi) decide Require a member to suspend permanently the operations of the Association and to distribute its assets;withdraw. (vii) determine Decide to liquidate the distribution of the Association's net income pursuant to Section 12 of this Article; andFund. (viii) approve proposed amendments to Decide appeals from interpretations of this AgreementAgreement given by the Executive Directors. (dc) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board of Governors or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one quarter of the total voting power. (e) The annual meeting of the Board of Governors shall be held in conjunction with the annual meeting of the Board of Governors of the Bank. (fd) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, governors exercising not less than two-thirds of the total voting power. (ge) Each governor shall be entitled to cast the number of votes allotted under Section 5 of this Article to the member appointing him. (f) The Association Board of Governors may by regulation establish a procedure whereby the Executive Directors Directors, when they deem such action to be in the best interests of the Fund, may obtain a vote of the Governors governors on a specific question without calling a meeting of the Board of GovernorsBoard. (hg) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the AssociationFund. (ih) Governors and Alternate Governors alternates shall serve as such without compensation from the AssociationFund, but the Fund shall pay them reasonable expenses incurred in attending meetings. (i) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the Managing Director.