Page:United States Statutes at Large Volume 60 Part 2.djvu/362

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. ARTCLE V ORGANIZATION AND MANAGEMENT Section 1. Structure of the Bank The Bank shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Bank may determine. Section 2. Board of Governors (a) Al the powers of the Bank shall be vested in the Board of Gov- ernors consisting of one governor and one alternate appointed by each Term of office member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as Chairman. Bgatrd ofovnos (b) The Board of Governors may delegate to the Executive Direc- ers;exceptions. tors authority to exercise any powers of the Board, except the power to: (i) Admit new members and determine the conditions of their admission; (ii) Increase or decrease the capital stock; (iii) Suspend a member; (iv) Decide appeals from interpretations of this Agreement given by the Executive Directors; (v) Make arrangements to cooperate with other international organizations (other than informal arrangements of a tem- porary and administrative character); (vi) Decide to suspend permanently the operations of the Bank and to distribute its assets; (vii) Determine the distribution of the net income of the Bank. Meetings. (c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board 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. Quorum. (d) 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. (e) The Board of Governors may by regulation establish a proce- dure whereby the Executive 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. Rules and regula- (f) The Board of Governors, and the Executive Directors to the tions. extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Bank. Compensation. (g) Governors and alternates shall serve as such without compen- sation from the Bank, but the Bank shall pay them reasonable expenses incurred in attending meetings. 1450

�