Page:United States Statutes at Large Volume 60 Part 2.djvu/363

 60 STAT.] MULTILATERAL-INTERNATIONAL BANK-DEC. 27, 1945 1451 (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. Section 3. Voting (a) Each member shall have two hundred fifty votes plus one addi- tional vote for each share of stock held. (b) Except as otherwise specifically provided, all matters before the Bank shall be decided by a majority of the votes cast. Section 4. Executive Directors (a) The Executive Directors shall be responsible for the conduct of the general operations of the Bank, and for this purpose, shall exercise all the powers delegated to them by the Board of Governors. (b) There shall be twelve Executive Directors, who need not be governors, and of whom: (i) five shall be appointed, one by each of the five members having the largest number of shares; (ii) seven shall be elected according to Schedule B by all the Pot8,- 14 67 Governors other than those appointed by the five members referred to in (i) above. For the purpose of this paragraph, "members" means governments of "Members." countries whose names are set forth in Schedule A, whether they are Post p. 14e. original members or become members in accordance with Article II, Section l(b). When governments of other countries become mem- Anfc,p. 14. bers, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increas- ing the number of directors to be elected. Executive directors shall be appointed or elected every two years. Termofoffie. (c) Each executive director shall appoint an alternate with full Alternates. power to act for him when he is not present. When the executive directors appointing them are present, alternates may participate in meetings but shall not vote. (d) Directors shall continue in office until their successors are V""cnes. appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the gover- nors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate. (e) The Executive Directors shall function in continuous session ee at the principal office of the Bank and shall meet as often as the busi- ness of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall Quor be a majority of the Directors, exercising not less than one-half of the total voting power. Votg. (g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member ap- pointing him. Each elected director shall be entitled to cast the

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