MINISTARSTVO PRAVOSUĐA I UPRAVE

MINISTARSTVO PRAVOSUĐA I UPRAVE na osnovi Članka 7. Zakona o prihvaćanju Članstva Republike Hrvatske u Europskoj banci za obnovu i razvoj (“Narodne novine”, broj 25/93), a u svezi Članka 134. Ustava Republike Hrvatske objavljuje u izvorniku na engleskom jeziku i u prijevodu na hrvatski jezik slijedeći:

AGREEMENT ESTABLISHING THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

Committed to the fundamental principles of multiparty democracy, the rule of law, respect for human rights and market economics;

Recalling the Final Act of the Helsinki Conference on Security and Co-operation in Europe, and in particular its Declaration on Principles;

Welcoming the intent of Central and Eastern European countries to further the practical implementation of multiparty democracy, strengthening democratic institutions, the rule of law and respect for human rights and their willingness to implement reforms in order to evolve towards market-oriented economies;

Considering the importance of close and co-ordinated co-operation in order to promote the economic progress of Central and Eastern European countries to help their economies become more internationally competitive and assist them in their reconstruction and development and thus to reduce, where apropriate, any risks related to the financing of their economies;

Convinced that the establishment of a multilateral financial institution which is European in its basic character and broadly international in its membership would help serve tlmse ends and would conctitute a new and nsnirlma structure of co-operation in Europe;

Have agreed to establixh hereby the European Bank for Reconstruction and Development (hereinafter called Athe Bank”) which shall operate in accordance with the following:

In contributing to economic progress and reconstruction, the purpose of the Bank shall be to foster the transition towards open market oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern Europen countries committed to and applying, the principles of multiparty democracy, pluralism and market economics.

To fulfil on a long-term basis its purpose of fostering the transition of Central and Eastern European countries towards open market-oriented economies and the promotion of private and entrepreneurial initiative, the Bank shall assist the recipient member countries to implement structural and sectoral economic reforms, including demonopolization, decentralization and privatizatidn, to help their economies become fully integrated into the international economy by measures:

(i) to promote, through private and other interested investors, the establishment, improvement and expansion of produkctive, competitive and private sector activity, in particular small and medium-sized enterprises;

(ii) to mobilize domestic and foreign capital and expital and experienced management to the end described in (i);

(iii) to foster,productive investment, including in the service and finanpial sectors, and in related infrastructure where that is necessary to support private and entrepreneurial initiative, thereby assisting in making a competitive environment and raising productivity, the standard of living and conditions of labour;

(iv) to provide technical assistance for the preparation, financing and implementation of relevant projects, whether individual or in the context of specific investment programmes;

(v) to stimulate and encourage the development of capital markets;

(vi) to give support to sound and economically viable projects involving more than one recipient member country;

(vii) to promote in the full range of its activities environmentally sound and sustainable development; and

(viii) to undertake such other activities and provide such other services as may further these functions.

2. In carrying out the functions referred to in paragraph I of this Article, the Bank shall work in close cooperation with all its members and, in such manner as it may deem appropriate within the terms of this Agreement, with the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the Organisation for Economic Co-operation and Development, and shall cooperate with the United Nations and its Specialized Agencies and other related boddies, and any entity, whether public or private, concerned with the economic development of, and investment in, Central and Eastern European countries.

1. Membership in the Bank shall be open:

(i) to (1) European countries and (2) non-European countries which are members of the International Monetary Fund; and(ii) to the European Economic Community and the European Investment Bank.

2. Countries eligible for membership under paragraph 1 of this Article, which do not become members in accordance with Article 61 of this Agreement, may be admitted, under such terms and conditions as the Bank may determine, to membership in the Bank upon the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members.

l. The original authorized ca,pital stock shall be ten thousand milion (10,000,000,000) ECU. It shall be divided into one milion (1,000,000) shares, having a par value of ten thousand (10,000) ECU each, which shall be available for subscription only by members in accordance with the provisions of Article 5 of this Agreement.

2. The original capital stock shall be divided into paid-in shars and callable shares. The initial lotal aggregate par value of paid-in shares shall be three thousand million (3,000,000,000) ECU.

3. The authorized capital stock may be increased at such time and under such terms as may seem advisable, by a vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members.

1. Each member shall subscribe to shares of the capital stock of the Bank, subject to fulfilent of the member's legal requirements. Each subscription to the original authorized capital stock shall be for paid-in shares and callable shares in the proportion of three (3) to seven (7). The initial number of shares available to be subscribed to by Signatories to this Agreement which become members in accordance with Article 61 of this Agreement shall be that set forth in Annex A. No member shall have an initial subscription of less than one hundred (100) shares.

2. The initial number of shares to be subscribed to by countries which are admitted to membership in accordance with paragraph 2 of Article 3 of this Agreement shall be determined by the Board of Governors; provided, however, that no such subscription shall be authorized which would have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock.

3. The Board of Governors shall at intervals of not more than five (5) years review the ca.pital stock of the Bank. In case of an increase in the authorized capital stock, each member shall have a reasonable opportunity to subscribe, under such uniform terms and conditions as the Board of Governors shall determine, to a proportion of the increase in stock equivalent to the proportion which its stock subscribed bears to the total subscribed ca.pital stock immediately prior to such increase. No member shall be obliged to subscribe to any part of an increase of capital stock.

4. Subject to the provisions of paragraph 3 of this Article, the Board of Governors may, at the request of a member, increase the subscription of that member, or allocate shares to that member within the authorized capital stock which are not taken up by other members; provided, liowever, that,such increase shall not have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community the European Investment Bank, below the majority of the total subscribed capital stock.

5. Shares of stock initially subscribed to by members shall be issued at par. Other shares shall be issued at par unless the Board of Governors, by a vote of not less than two-thirds of the Governors, representing ndt less than two-thirds of the total voting power of the members, decides to issue them in special circumstances on other terms.

6. Shares of stock sha.ll not be pledged or encumbered in any manner whatsoever, and they shall not be transferable except to the Bank in accordance with Chapter VII of this Agreement.

7. The liability of the members on shares shall be limited to the unpaid portion of their issue price. No member shall be liable, by reason of its membership, for obligations of the Bank.

1. Payment of the paid-in shares of the amountinitially subscribed to by each Signatory to this Agreement, which becomes a member in accordance with Article 61 of this Agreement, shall be made in five (5) instalments of twenty (20) per cent each of such amount. The first installment shall be paid by each member within sixty (60) days after the date of entry into fbrce of this Agreement, or after the date of deposit of its instrument of ratification, acceptance or approval in accordance with Article 61, if this latter is later than the date of entry into force. The remaining four (4) instalments shall each become due successively one year from the date on which the preceding installment became due and shall each, subject to the legislative requirements of each member, be paid.

2. Fifty (50) per cent of payment of each installment pursuant to paragraph 1 of this Article, or by a member admitted in accordance with paragraph 2 of Article 3 of this Agreement, may be made in promissory notes or other obligations issued by such member and denominated in ECU, in United States dollars or in Japanese yen, to be drawn down as the Bank needs funds for disbursement as a result of its operations. Such notes of obligations shall be non-negotiable, non-interest-bearing and payable to the Bank at par value upon demand. Demands upon such notes or obligations shall, over reasonable periods of time, be made so that the value of such demands in ECU at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such member depositing such notes or obligations_

3. All payment obligations of a member in respect of subscription to shares in the initial capital stock shall be settled either in ECU, in United States dollars or in Japanese yen on the basis of the average exchange rate of the relevant currency in terms of the ECU for the period from 30 September 1989 to 31 March 1900 inclusive.

4. Payment of the amdunt subscribed to the callable capial stock of the Bank shall be subject to call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its liabilities.

5. In the event of a call referred to in paragraph 4 of this Article, payment shall be made by the member in ECU, in United State dollars or in Japanese yen. Such calls shall be uniform in ECU value upon each callable share calculated at the time of the call.

6. The Bank shall determine the place for any payment under this Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first installment referred to in paragraph 1 of this Article shall be made to the European Investment Bank, as trustee for the Bank.

7. For subscriptions other than those described in paragraphs 1,2 and 3 of this Article, payments by a member in respect of subscription to paid-in shares in the authorized capital stock shall be made in ECU, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations.

8. For the purposes of this Article, payment or denomination in ECU shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the relevant obligation in ECU.

As used in this Agreement, the term “ordinary capital resouces” of the Bank shall include the following:

(i) authorized capital stock of the Bank; including both paid-in and callable shares, subscribed to pursuant to Article 5 of this Agreement;

(ii) funds raised by borrowings of the Bank by virtue of powers conferred by subparagraph (i) of Article 20 of this Agreement, to which the commitment to calls provided for in paragraph 4 of Article 6 of this Agreement is applicable;

(iii) funds received in repayment of loans or guarantees and proceeds from the disposal of equity investment made with the resources indicated in subparagraphs (i) and (ii) of this Article;

(iv) income tierived from loans and equity investment, made from the resources indicated in subparagraphs (i) and (ii) of this Article, and income derived from guarantees and underwriting not forming part of the special operations of the Bank; and

(v) any other funds or income received by the Bank which do not form part of its Special Funds resources referred to in Article 19 of this Agreement.

1. The resources and facilities of the Bank shall be used exclusively to implement the purpose and carry out the functions set forth, respectively, in Articles 1 and 2 of this Agreement.

2. The Bank may conduct its operations in countries from Central and Eastern Europe which are proceeding steadily in the transition towards market oriented economies and the promotion of private and entrepreneurial initiative, and which apply, by concrete steps and otherwise, the principles set forth in Article 1 of this Agreement.

3. In cases where a member might be implementing policies which are inconsistent with Article 1 of this Agreement, or in exceptional circumstances, the Board of Directors shall consider whether access by a member to Bank resources should be suspended or otherwise modified and may make recommendations accordingly to the Board of Governors. Any decision on these matters shall be taken by the Board of Governors by a majority of not less than two-thirds of the Governors, representing not less than tree-fourths of the Lotal voting power of the members.

4. (i) Any potential recipient country may request that the Bank provide access to itš resources for limited purposes Over a period of three (3) years beginning after the entry into force of this Agreement. Any such request shall be attached as an integral part of this Agreement as soon as it is made.

(ii) During such a period.

(a) the Bank shall provide to such a country, and to enterprises in its terntory, upon their request, technical assistance and other types of assistdnce direct2d to finance its private sector, to facilitate the transition of state-owned enterprises to private ownership and control, and to help enterprises operating competitively and moving to participation in the market oriented economy, subject to the proportion set forth in paragraph 3 of Article 11 of this Agreement.

(b) the total amount of any assistance thus provided shall not exceed the total amount of cash disbursed and promissory notes issued by that country for its shares.

(iii) At the end of this period, the decision to allow such a country access beyond the limits specified in subparagraphs (a) and (b) shall be taken by the Board of Governors by a majority of not less than thres-fourths of the Governors sepresenting not less than eighty-five (85) per cent of the total voting power of the members.

The operations of the Bank shall consist of ordinary operations financed from the ordinary capital resources of the Bank referred to in Article 7 of this Agreement and special operations financed from the Special Funds resources referred to in Article 19 of this Agreement. The two types of operations may be combined.

I. The ordinary capital resources and the Special Funds res'ources of the Bank shall at all times and in all respect be held, used, committed, invested or otherwise disposed of entirely separately from each other. The financial statements of the Bank shall show the reserves of the Bank, togethei' with its ordinary operations and, separately, its special operations.

2. The ordinary capital resources of the Bank shall under no circumstances be charged with, or used to discharge, losses or liabilities arising out of special operations or other activities for which Special Funds resources were originally used or committed.

3. Expenses appertaining directly to ordinary operations shall be charged to the ordinary capital resources of the Bank. Expenses appertaining directly to the special operations shall be charged to Special Funds resources. Any other expenses shall, subject to paragraph 1 of Article 18 of this Agreeement, be charged as the Bank shall determine.

1. The Bank shall carry out its operations in furtherance of its purpose and functions as set out in Articles I and 2 of this Agreement in any or all of the following ways:

(i) by making or oofinancing together with multilateral institutions, commercial banks or other interested sources, or participating in, loans to private sector enterprises, loans to any state-owned enterprise operating competitively and moving to participation in the market-oriented economy, and loans to any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign ca,pital in such enterprises;

(ii) (a) by investment in the equity capital of private sector enterprises;

(b) by investment in the equity capital of any state-owned enterprise operating competitively and moving to participation in the market oriented economy, and investment in the equity sapital to any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises; and

(c) by underwriting, where other means of financing are not appropriate, the equity issue of securities by both private sector enterprises and such state-owned enterprises referred to in (b) above for the ends mentioned in that subparagraph;

(iii) by facilitating access to domestic and international capital markets by private sector enterprises or by other enterprises referred to in subparagraph (i) of this paragraph for the ends mentioned in that subparagraph, through the provision of guarantees, where other means of financing are not appropriate, and through financial advice and other forms of assistance;

(iv) by deploying Special Funds resources in accordance with the agreements determining their use; and

(v) by making or participating in loansand providing technical assistance for the reconstruction or development of infrastructure, including environmental programmes, necessary for private sector development and the transition to a market-oriented economy.

For the purposes of this paragraph, a state-owned enterprise shall not be regarded as operating competitively unless it operates autonomously in a competitive market environment and unless it is subject to bankruptcy laws.

2. (i) The Board of Directors shall review at least annually the Bank's operations and lending strategy in each recipient country to ensure that the purpose and functions of the Bank, as set out in Articles 1 and 2 of this Agreement, are fully served. Any decision pursuant to such a review shall be taken by a majority of not less than two-thirds of the Directors, representing not less than three-fourths of the total voting power of the members.

(ii) The said review shall involve the consideration of, inter alia, each recipient country's progress made on decentralization, demonopolization and privatization and the relative shares of the Bank's lending to private enterprises, to state-owned enterprises in the process to participation in the market-oriented economy or privatization, for infrastructure, for technical assistence, and for other purposes.

3. (i) Not more than forty (40) per cent of the amount of the Bank's total committed loans, guarantees and equity investments, without prejudice to its other operations referred to in this Articie shall be provided to the state sector. Such percentage limit shall apply initially over a two (2) year period, from the date of commencement of the Bank's operations, taking one year with another and thereafter in respect of each subsequent financial year.

(ii) For any country, not more than forty (40) per cent of the amount of the Bank's total committed loans, guarantees and equity investments over a period of five (5) years, taking one year with another, and without prejudice to the Bank's other operations referred to in this Article, shall be provided to the state sector.

(iii) For the purposes of this paragraph.

(a) the state sector includes national and local Governments, their agencies, and enterprises owned or controlled by any of them;

(b) a loan or guarantee to, or equity investment in, a state-owned enterprise which is implementing a programme to achieve private ownership and control shall not be considered as made to the state sector;

(c) loans to a financial intermediary for onlending to the private sector shall not be considered as made to the state sector.

1. The total amount of outstanding loans, equity investments and guarantees made by the Bank on its ordinary operations shall not be increased at any time, if by such increase the total amount of its unimpaired subscribed capital, reserves and surpluses included in its ordinary capital resources would be exceeded.

2. The amount of any equity investment shall not normally exceed such percentage of the equity capital of the enterprise concerned as shall be determined, by a general rule, to be appropriate by the Board of Directors. The Bank shall not seek to obtain by such an investment a controlling interest in the enterprise concerned and shall not exercise such control or assume direct responsibility for managing any enterprise in which it has an investment, except in the event of actual or threatened default on any of its investments, actual or threatened insolvency of the enterprise in which such investment shall have been made, or other situations which, in the opinion of the Bank, threaten to jeopardize such investment, in which case the Bank may take such action and exercise such rights as it may deem necessary for the protection of its interests.

3. The amount of the Bank's disbursed equity investments shall not at any time exceed an amount corresponding to its total unimpaired paid-in subscribed capital, surplues and general reserve.

4. The Bank shall not issue guarantees for export credits nor undertake insurance activities.

The Bank shall operate in accordance with the following principles:

(i) the Bank shall apply sound banking principles to all its operations;

(ii) the operations of the Bank shall provide for the financing of specific projects, whether individual or in the context of specific investment programmes, and for technical assistance, designed to fulfil its purpose and functions as set out in Articles 1 and 2 of this Agreement;

(iii) the Bank shall not finance any undertaking in the territory of a member if that member objects to such financing;

(iv) the Bank shall not allow a disproportionate amount of its resources to be used for the benefit of any member; (v) the Bank shall seek to maintain reasonable diversification in all its investments;

(vi) before a loan, guarantee or equity investment is granted, the applicant shall have submitted an adequate proposal and the President of the Bank shall have presented to the Board of Directors a written report regarding the proposal, together with recommendations on the basis of a staff study;

(vii) the Bank shall not undertake any financing, or provide any facilities, when the applicant is able to obtain sufficient financing or facilities elsewhere on terms and conditions that the Bank considers reasonable;

(viii) in providing or guaranteeing financing, the Bank shall pay due regard to the prospect that the borrower and its guarantor, if any, will be in a position to meet their obligations under the financing contract;

(ix) in case of a direct loan made by the Bank, the borrower shall be permitted by the Bank to draw its funds only to expenditure as it is actually incurred;

(x) the Bank shall seek to r'evolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms;

(xi) in its investments in individual enterprises, the Bank shall undertake its financing on terms and conditions which it considers appropriate, taking into account the requirements of the enterprise, the risks being undertaken by the Bank, and the terms and conditions normally obtained by private investors for similar financing;

(xii) the Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any loan, investment or other financing unddertaken in the ordinary or special operations of the Bank, and shall, in all appropriate cases, make its loans and other operations conditional on international invitations to tender being arranged; and

(xiii) the Bank shall take the necessary measures to ensure that the proceeds of any loan made, guaranteed or participated in by the Bank, or any equity investment, are used only for the purposes for which the loan or the equity investment was granted and with due attention to considerations of economy and efficiency.

1. In the case of loans made, participated in, or guaranteed by the Bank, the contract shall establish the terms and conditions for the loan or the guarantee concerned, including those relating to payment of principal, interest and other fees, charges, maturities and dates of payment in respect of the loan or the guarantee, respectively. In setting such terms and conditions, the Bank shall take fully into account the need to safeguard its income.

2. Where the recipient of loans or guarantees of loans is not itself a member, but is a state-owned enterprise, the Bank may, when it appers desirable, bearing in mind the different approaches appropriate to public and state-owend enterprises in transition to private ownership and control, require the member or members in whose territory the project concerned is to be carried out, or a public agency or any instrumentality of such member or members acceptable to the Bank, to guarantee the repayment of the principal and the payment of interest and other fees and charges of the loan in accordance with the terms thereof. The Board of Directors shall review annually the Bank's practice in this matter, paying due attention to the Bank's creditworthiness.

3. The loan or guarantee contract shall expressly state the currency or currencies, or ECU, in which all payments to the Bank thereunder shall be made.

1. The Bank shall charge, in addition to interest, a commission on loans made or participated in as part of its ordinary operations The terms and conditions of this commission shall be determined by the Board of Directors.

2. In guaranteeing a loan as part of its ordinary operations, or in underwiriting the sale of securities, the Bank shall charge fees, payable at rates and times determined by the Board of Directors, to provide suitable compensation for its risks.

3. The Board of birectors may determine any other charges of the Bank in its ordinary operations and any commission, fees or other charges in its special operations.

1. The amount of com,missions and fees received by the Bank pursuant to Article 15 of this Argeement shal be set aside as a special reserve which shall be kept for meeting the losses of the Bank in accordance with Article 17 of this Agreement. Tlie special reserve shall be held in such liquid form as the Bank may decide.

2. If the Board of Directors determines that the size of the special reserve is adequate, it may decide that all or part of the said commission or fees shall henceforth form part of the income of the Bank.

1. In the Bank's ordinary operations, in cases of arrears or default on loans made, participated in, or guaranteed by Bank, and in case of losses on underwriting and in equity investment, the Bank shall take such action as it deems appropriate. The Bank shall maintain appropriate provisions against possible losses.

2. Losses arising in the Bank's ordinary operations shall be charged:

(i) first, to the provisions referred to in paragraph 1 of this Article;

(ii) second, to net income;

(iii) third, against the special reserve provided for in Article 16 of this Agreemerrt;

(iv) fourth, against its general reserve and surpluses;

(v) fifth, against the unimparied paid-capital; and

(vi) last, against an appropriate amount of the uncalled subscribed callable capital which shal be called in accordance with the provisions of paragraphs 4 and 5 of Article 6 of this Agreement.

1. The Bank may accept the administration of Special Fundus which are designed to serve the purpose and come within the function of the Bank. The full cost of administering any such Special Fund shall be charged to that Special Fund.

2. Special Funds accepted by the Bank may be used in any manner and on any terms and conditions consistent with the purpose and functions of the Bank, with the other applicable provisions of this Agreement, and with the agreement or agreement relating to such Fundus.

3. The Bank shall adopt such rules and regulations as may be required for the establishment, administration and use of each Special Fund. Such rules and regulations shall be consistent with the provisions of this Agreement, except for those provisions expressly applicable only to ordinary operations of the Bank.

The term “Special Funds resources” shall refer to the resources of any Speciat Fund and shall include:

(i) funds accepted by the Bank for inclusion in any Special Fund;

(ii) funds repaid in respect of loans or guarantees, and the proceeds of equity investments, financed from the resources of any Special Fund which, under the rules and regulations governing that Special Fund, are received by such Special Fund; and

(iii) income derived from investment of Special Funds resources.

1. The Bank shall have, in addition to the powers specified elsewhere in this Agreement, the power to:

(i) borrow funds in member countries or elsewhere, provided always that:

(a) before making a sale of its obligations in the territory of a country, the Bank shall have obtained its aproval; and

(b) where the obligations of'the Bank are to be denominated in the currency of a member, the Bank shall have obtained its approva,l;

(ii) invest or deposit funds not needed in its operations;

(iii) buy and sell securities, in the secondary market; which the Bank has issued or guaranteed or in which it has invested;

(iv) guarantee securities in which it has invested in order to facilitate their sale;

(v) underwrite, or participate in the underwriting of, securites issued by any enterprise for purposes consistent withe the purpose and funcitons of the Bank;

(vi) provide technical advice and assistance which serve its purpose and come within its functions;

(vii) exercise such other powers and adopt such rules and regulations as may be necessary ar appropriate in furtherance of its purpose and funcitons; consistent with the provisions of this Agreement; and

(viii) conciude agreements of cooperation with any public or private entity or entities.

2. Every security issued or guaranteed by the Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of any Goverment or member, unless it is in fact the obligation of a particular Goverment or member in which case it shall so state.

1. Whenever it shall become necessary under this Agreement to determine whether any currency is fully convertible for the purposes of this Agreement, such determination shall be made by the Bank, taking into account the paramount need to preserve its own financial interests, after consultation, if necessary, with the International Monetary Fund.

2. Members shall not impose any restrictions on the receipt, holdirig, useor transfer by the Bank of the following:

(i) currencies or ECU received by the Bank in payment of subscriptions to its capital stock, in accordance with Article 6 of this Agreement;

(ii) currencies obtained by the Bank by borrowing;

(iii) currencies and other resources administered by the Bank as contributions to Special Funds; and

(iv) currencies received by the Bank in payment on account of principal, interest, dividends or other charges in respect of loans or investments, or the proceeds of disposal of such investments made out of any of the funds referred to in subparagraphs (i) to (iii) of this paragraph, or in payment of commission fees or other charges.

The Bank shall have a Board of Governors, a Board of Directors, a President, one or more Vice-Presidents and such other officers and staff as may be considered necessary.

1. Each member shall be represented on the Board of Governors and shall appoint one Governor and one Alternate. Each Governor and Alternate shall serve at the pleasure of the appointing member. No Alternate may vote except in the absence of his or her principal. At each of its annual meetings, the Board shall elect one of the Governors as Chairman who shall hold office until the election of the next Chairman.

2. Governors and Alternates shall serve as such without remuneration from the Bank.

1. All the powers of the Bank shall be vested in the Board of Governors.

2. The Board of Governors may delegate to the Board of Directors any or all of its powers, except the power to:

(i) admit new members and determine the conditions of their admission;

(ii) increase or decrease the authorized capital stock of the Bank;

(iii) suspend a member;

(iv) decide appeals from interpretations or applications of this Agreement given by the Board of Directors;

(v) authorize the conclusion of general agreements for co-operation with other international organisations;

(vi) elect the Directors and the President of the Banls;

(vii) determine the remuneration of the Directors and Alternate Directors and the salary and other terms of the contract of service of the President;

(viii) approve, after reviewing the auditors report, the general balance sheet and the statement of profit and loss of the Bank;

(ix) determine the reserves and the allocation and distribution of the net profits of the Bank;

(x) amend this Agreement;

(xi) decide to terminate the operations of the Bank and to distribute its assets, and

(xii) exercise such other powers as are expresslyassigned to the Board of Governors in this Agreement.

3. The Board of Governors shall retain full power to exercise authority over any matter delegated or assigned to the Board of Directors under paragraph 2 of this Article, or elsewhere in this Agreement.

1. The Board of Governors shall hold an annuai meeting and such other meetings as may be provided for by the Board or called by the Board of Directors. Meetings of ths Baard of Governors shall be called, by the Board af Directors, whenever requested by not less than five (5) members of the Bank or members holding not less than one quarter of the total voting power of the members.

2. Two-thirds of the Governors shall constitute a quorum for any meeting of the Board of Governors, provided such majority represents not less than two-thirds of the total voting power of the members.

3. The Board of Governors may by regulation establish a procedure whereby the Board of Directors may, when the latter deems such action advisable, obtain a vote of the Governors on a specific question without calling a meeting of the Board of Governors.

4. The Board of Governors, and the Board of Directors to the extent authorized, may adopt such rules and regulations and establish such subsidiary bodies as may be necessary or appropriate to conduct the business of the Bank.

1. The Board of Directors shall be composed of twenty-three (23) members who shall not be members of the Board of Governors, and of whom:

(i) eleven (11) shall be elected by the Governors, representing Belgium, Denmark, France, the Federal Republic of Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom, the European Economic Community and the European Investment Bank; and

(ii) twelve (12) shall be elected by the Governors representing other members, of whom:

(a) four (4), by the Governors representing those countries listed in Annex A as Central and Eastern European countries eligible for assistance from the Bank;

(b) four(4), by the Governors representing those countries listed in Annex A as other European countries;

(c) four (4), by the Governors representing those countries listed in Annex A. as non-European countries. Directors, as well as representing members whose Governors have elected them, may also represent members who assign their votes to them.

2. Directors shall be persons of high competence in economic and financial matters and shall be elected in accordance with Annex B.

3. The Board of Governors may increase or decrease the-size, or revise the composition, of the Board of Directors, in order to take into account changes in the number of members of the Bank, by an affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Without prejudice to the exercise of these powers for subsequent elections, the number and composition of the second Board of Directors shall be as set out in paragraph 1 of this Article.

4. Each Director shall appoint an Alternate with full power to act for him or her when he or she is not present.

Directors and Alternates shall be nationals of member countries. No member shall be represented by more than one Director. An Alternate may participate in meetings of the Board but may vote only when he or she is aeting in place of his or her principal.

5. Directors shall hold office for a term of three (3) years and may be re-elected; provided that the first Board of Directors shall be elected by the Board of Governors at its inaugural meeting, and shall hold office until the next immediately foliowing annual meeting of the Board of Governors or, if that Board shall so decide at that annual meeting, until its next subsequent annual meeting. They shall continue in office until their successors shall have been chosen and assumed office. If the office of a Director becomes vacant more than one hundred and eighty (180) days before the end of his or her term, a successor shall be chosen in accordance with Annex B, for the remainder of the term, by the Governors who elected the former Director. A majority of the votes cast by suc~ Governors shall be required for such election. If the office of a Director becomes vacant one hundred and eighty (180) days or less before the end of his or her term, a successor may similarly be chosen for the remainder of the term, by the votes cast by such Governors who elected the former Director, in which election a majority of the votes cast by such Governors shall be required. While the office remains vacant, the Alternate of the former Director shall exercise the powers of the latter, except that of appointing an Alternate.

Without prejudice to the powers of the Board of Governors as provided in Article 24 of this Agreement, 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 Govenors; and in particular:

(i) prepare the work of the Board of Governors;

(ii) in conformity with the general directions of the Board of Governors, establish policies and take decisions concerning loans, guarantees, investment in equity capital, borrowing by the Bank, the furnishing of technical assistance and other operations of the Bank;

(iii) submit the audited accounts for each financial year for approval of the Board of Governors at each annual meeting; and

(iv) approve the budget of the Bank.

1. The Board of Directors shall normally function at the principal office of the Bank and shall meet as often as the business of the Bank may require.

2. A majority of the Directors shall constitute a quorum for any meeting of the Board of Directors, provided such majority represents not les than two-thirds of the total voting power of the members.

3. The Board of Governors shall adopt regulations under which, if there is no Director of its nationality, a member may send a representative to attend, without right to vote, any meeting of the Board of Directors when a matter particularly affecting that member is under consideration.

the number of its subscribed shares in the capital stock of the Bank. In the event of any member failing to pay any part of the amount due in respect of its obligations in relation to paid-in shares under Article 6 of this Agreement, such member shall be unable for so long as such failure continues to exercise that percentage of its voting .power which corresponds to the percentage which the amount due but unpaid bears to the total amount of paid-in shares subscribed to by that member in the ca.pital stock of the Bank.

2. In voting in the Board of Governors, each Governor shall be entitled to cast the votes of the member he or she represents. Except as otherwise expressly provided in this Agreement, all matters before the Board of Governors shall be decided by a majority of the voting power of the members voting.

3. In voting in the Board of Directors each Director shall be entitled to cast the number of votes to which the Governors who have elected him or her are entitled and those to which any Governors who have assigned their votes to him or her, pursuant to Section D of Annex B, are entitled. A Director representing more than one member may cast separately the votes of the members he or she represents. Except as otherwise expressly provided in this Agreement, and except for general policy decisions in which cases such policy decisions shall be taken by a majority of not less than two-thirds of the total voting power of the members voting, all matters before the Board of Directors shall be decided by a majority of the voting power of the members voting.

1. The Board of Governors, by a vote of a majority of the total number of Governors, representing not less than a majority of the total voting power of the members, shall elect a President of the Bank. The President, while holding office, shall not be a Governor or a Director or an Alternate for either.

2. The term of office of the President shall be four (4) years. Iie or she may be re-elected. He or she shall, however, cease to hold office when the Board of Governors so decides by an affirmative vote of not less than twothirds of the Governors, representing not less than two-thirds of the total voting power of the members. If the office of the President for any reason becomes vacant, the Board of Governors, in accordance with the provisions of paragraph t of this Article, shall elect a successor for up to four (4) years.

3. The President shall not vote, except that he or she may cast a deciding vote in case of an equal division. He or she may participate in meetings of the Board of Governors and shall chair the meetings of the Board of Directors.

4. The President shall be the legal representative of the Bank.

5. The President shall be chief of the staff of the Bank. He or she shall be responsible for the organization, appointment and dismisall of the officers and staff in accordance with regulations to be adopted by the Board of Directors. In appointing officers and staff, he or she shall, subject to the paramount imortance of officiency and technical competence, pay due regard to recruitment on a wide geographical basis among members of the Bank.

s. The President shall conduct, under the direction of the Board of Directors, the current business of the Bank.

1. One or more Vice-Presidents shall be appointed by the Board of Directors on the recommendation of the President. A Vice-President shall hold office for such term, exercise such authority and perform such functions in the administration of the Bank, as may be determined by the Board of Directors. In the absence or incapacity of the President, a Vice-President shall exercise the authority and perform the functions of the President.

2. A Vice-President may participate in meetings of the Board of Directors but shall have no vote at such meetings, except that he or she may cast the deciding vote when acting in place of the President.

1. T'he Bank shall not accept Special Funds or other loans or assistance that may in any way prejudice, deflect or otherwise alter its purpose or functions.

2. The Bank, its President, Vice-President(s), officers and staff shall in their decisions take into account only considerations relevant to the Bank's purpose, functions and operations, as set out in this Agreement. Such considerations shall be weighed impartially in order to achieve and carry out the purpose and functions of the Bank.

3. The Presiderlt, Vice-president(s), officers and staff of the Bank, in the discharge of their offices, shall owe their duty entirely to the Bank and to no other authority. Each member of the Bank shall respect the international character of this duty and shall refrain from all attempts to influence any of them in the discharge of their duties.

1. The principal office of the Bank šhall be located in London.

2. The Bank may establish agencies or branch offices in the territory of any member of the Bank.

1. Each member shall designate its central bank, or such other institution as may be agreed upon with the Bank, as a depository for all the Bank's holdings of its currency as well as other assets of. the Bank.

2. Each member shall designate an appropriate official entity with which the Bank may communicate in connection with any matter arising under this Agreement.

1. The Bank shall publish and annual report containing and audited statement of its accounts and shall circulate to members at intervals of three (3) months or less a summary statement of its financial position and a profit and los statement showing the results of its operations. The financial accounts shall be kept in ECU.

2. The Bank shall report annually on the environmental impact of its activities and may publish such other reports as it decms desirable to advance its purpose.

3. Copies of all reports, statements and publications made under this Article shall be distributed to members.

1. The Board of Governors shall determine at Least annually what part of the Bank's net income, after naking provision for reserves and, if necessary, against possiblelosses under paragraph 1 of Article 17 of this Agreement, shall be allocated to surpius or other purposes and what part, if any, shall be distributed. Any such decision on the allocation of the Bank's net income to other purposes shall be taken by a majority of not less than two-thirds of the Governors, representing not less thartt two-thirds of the total voting power of the members. No such allocation, and no distribution, shall be made until the general reserve amounts to at least ten (10) per cent of the authorized capital stock.

2. Any distribution referred to in the preceding paragraph shall be made in proportion to the number of paid-in shares held by each member; provided that in calculating such number account shall be taken only of payments received in cash and promissory notes encashed in respect of such shares on or before the end of the relevant fiscal year.

3. Payments to each member shall be made in such manner as the Board of Governors shall determine. Such payments and their use by the receiving country shall be without restriction by any member.

1. Any member may withdraw from the Bank at any time by transmitting a notice in writing to the Bank at its principal office.

2. Withdrawal by a member shall become effective, and its membership shall cease, on the date specified in its notice but in no event less than six (s) months after such notice is received by the Bank. However, at any time before the withdrawal becomes finally effective, the member may notify the Bank ln writing of the cancellatior of its notice of intention to withdraw.

i. If a member fails to fulfil any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of not less than two-thirds of the Governors, representing not less than two-thirds of the total voting power of the members. The member so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by not less than the same majority to restore the member to good standing.

2. While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all its obligations.

1. After the date on which a member ceases to be amember such former member shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans equity investments of guarantees contracted before it creased to be a member are outstanding: but it shall cease to incur such liabilities with respect to loans, equity investments and guaranteers entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.

2. At the time a member ceasses to be a member, the Bank shall arrange for the repurchase of such former members shares as a part of the settlement of accounts with such former member in accordance with the provisions of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date of cessation of membership, with the original purehase price of each share being its maximum value.

3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions:

(i) any amount due to the former member for its shares shall be withheld so long as the former member, its central bank or any of its agencies or instrumentalities remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank be applied on any such liability as it ~atures. No amount shall be withheld on account of the liability of the former member resulting from its subscription for shares in accordance with paragraphs 4, 5 and”7 of Article of this Agreement. In any eyent, no amount due to a member for its shares shall be paid until six (6) months after the date upon which the member ceases to be a member.

(ii) payments for shares may be made from time to time, upon their surrender by the former member, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities on loans, equity investments and guarantees in subparagraph (i) of this paragraph until the former member has received the full repurchase price;

(iii) payments shall be made on such conditions and in such fully convertible currencies, or ECU, and on such dates, as the Bank determines; and .

(iv) if losses are sustained by the Bank on any guarantees, participation in loans, or loans which were outstanding on the date when the member ceased to be a member or if a net loss is sustained by the Bank on equity investments held by it on such date, and the amount of such losses exceeds the amount of the reserves provided against losses on the date when the member ceased to be a member, such former member shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions under paragraph 4 of Article 6 of this Agreement, to the extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined.

4. If the Bank terminates its operations pursuant to Article 41 of this Agreement withln six (6) months of the date upon which any member ceases to be a member, all rights of such former members shall be determined in accordance with the provisions of Articles 41 to 43 of this Agreement.

In an emergency, the Board of Directors may suspend temporarily operations in respect of new loans, guarantees, underwriting, technical assistance and equity investments pending an opportunity for further consideration and action by the Board of Governors.

The Bank may terminate its operations by the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Upon such termination of operations the Bank shall forthwith cease all activities, exeept those incident to the orderly realiza,tion, conservation and preservation of its assets and settlement of its obligations.

1.In the event of termination of the operations of the Bank, the liability of all members for uncalled subscriptions to the capital stock of the Bank shall continue until all claims of creditors, including all contingeng claims, shall have been discharged.

2. Creditors on ordinary operations holding direct claims shall be paid first out of the assets of the Bank, secondly out of the payments to be made to the Bank in respect of unpaid paid-in shares, and then out of payments to be made to the Bank in respect of callable capital stock. Before making any payments to creditors holding direct claims, the Board of Directors shall make such arrangements as are necessary, in its judgment, to ensure a pro rata distribution among holders of direct and holders of contingent claims.

1. No distribution under this Chapter shall be made to members on account of their subscriptions to the capital stock of the Bank until:

(i) all libialities-to creditors have been discharged or provided for; and

(ii) the Board of Governors has decided by a wote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members, to make a distribution.

2. Any distribution of the assets of the Bank to the members shall be in proportion to the capital stock held by each mem,ber and shall be effected at such times and under such conditions as the Bank shall deem fair and equitable. The shares of assets distributed need not be uniform as to type of assets. No member shall be entitled to receive its share in such a distribution of assets until it has settled all of its obligations to the Bank.

3. Any member receiving assets distributed pursuant to this Article shall enjoy the same rights with respect to such assets as the Bank enjoyed prior to their distribution.

To enable the Bank to fulfill its purpose and the functions with which it is entrusted, the status, immunities, privileges and exemptions set forth in this Chapter shall be accorded to the Bank in the territory of each member country.

The Bank shall possess full legal personality and, in particular, the full legal capacity:

(i) to contract;

(ii) to acquire, and dispose of, immovable and movable property; and

(iii) to institute legal proceedings.

Actions may be brought against the Bank only in a court of competent jurisdiction in the territory of a co.untry in which the Bank has an office, has appointed an agent for the purpose of accepting service of notice of process, or has issued or guaranteed securities. No actions shall, however, be brought by members or persons acting for or deriving claims from members. The property and assets of the Bank shall, wheresoever located and by whomsbever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.

Property and assets of the Bank, wheresoever located and byvhomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive of legislative action.

The archives of the Bank, and in general all documents belonging to it or held by it, shall be inviolable,

To the extent necessary to carry out the purpose and functions of the Bank and subject to the provisions of this Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.

The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of any other member.

All Governors, Directors, Alternates, officers and employees of the Bank and experts performing missions for the Bank shall be immune from legal process with respect to acts perforned by them in their official capacity, except when the Bank waives this immunity, and shall enjoy inviolability of all their official papers and documents. This immunity shall not apply, however, to civil liability in the case of damage arising from a road traffic accident caused by any such Governor, Director, Alternate officer employee or expert.

1. All Governors, Directors, Alternates, officers and ernployees of the Bank and experts of the Bank performing missions for the Bank:

(i) not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations, and the same facilities as regards exchange regulations, as are accorded by members to the representatives, officials, and employees of comparable rank of other members; and

(ii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to represantatives, officials and employees of comparable rank of other members.

2. The spouses and immediate dependents of' those Directors, Alternate Directors, officers, employees and experts of the Bank who are resident in the country in which the principal office of the Bank is located shall be acc,orded opportunity to take employment in that country. The spouses and immediate dependents of those Directors, Alternate Directors, officers, employees and experts of the Bank who are resident in a country in which any agency or branch office of the Bank is located should, wherever possible, in acćordance with the national law of that country, be accorded similar opportunity in that country. The Bank$hall negotiate specific agreements implementing the provisions of this paragraph with the country in which the principal office of the Bank is located and, as appropriate, with the other countries concerned.

1: Within the scope of its activities the Bank, its assets, property, and income shall be exempt from all direct taxes. 2. Whan purchases of services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases or services includes taxes or duties, the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement.

3. Goods imported by the Bank and necessary for the exercise of its official activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly goods exported by the Bank and necessary for the: exercise of its afficial activities shall be exempt from all-export duties and taxes, and from all export prohibitions and restrictions.

4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements.

5. The provisions of this Article shall not apply to taxes or duties which are no more than charges for public utility services.

6. Directors, Alternate Directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Barik, subject to conditions to be laid down and rules to be adopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such saiaries and emoluments shall be exempt from national income tax. The members may, however, take into account the salaries and emoluments thus exempt when assessing the amount of tax to be applied to income from other sources.

7. Notwithstanding the provisions of paragraph 6 of this Article, a member may deposit, with its instrument of ratification, acceptance or approval, a declaration that such member retains for itself, its political subdivisions or its local authorities the right to tax salaries and emoluments paid by the Bank to citizens or nationals of such member. The Bank shall be exempt from any obligation for the payment, withholding or collećtion of such taxes. The Bank shall not make any reimbursement for such taxes.

8. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank.

9. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:

(i) which discriminates against such obligation or security solely because it is issued by the Bank, or

(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.

10. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held;

(i) which discriminates against such obligation or security solely because its guaranteed by the Bank, or

(ii) if the sole jurisdictional basis for such taxation is the location of any office place of business maintained by the Bank.

Each member shall prompltly take such action as is necessary for the purpose of implementing the provisions of this Chapter and shall inform the Bank of the detailed action which it has taken.

The immunities, privileges and exemptions conferred under under this Chapter are granted in the interest of the Bank. The Board of Directors may waive to such extent and upon such conditions as it may determine any of the immunities, privileges and exemptiows conferred under this Chapter in cases where such action would in its opinion be appropriate in the best interests of the Bank. The President shall have the right and the duty to waive any immunity, privilege or exemption in respect of any officer, employes or expert of the Bank, other than the President, Vice-President, where, in his or her opinion, the immunity, privilege or exemption would impede the course of justice and can be waived without prejudice to the interests of the Bank. In similar circumstances and under the same conditions, the Board of Directors shall have the right and the duty to waive any immunity, privilege or exemption in respect of the President and each Vice-President.

1. Any proposal to amend this Agreement, whether emanating from a member, a Governor or the Board of Directors, shall be communicated to the Chairman of the Board of Governors who shall bring the proposal before that Board. If the proposed amendment is approved by the Board the Bank shall, by any rapid means of communication, ask all members whether they accept the proposed amendment. When not less than three-fourths of the members (including at least two countries from Central and Eastern Europe listed in Annex A), having not less than four-fifths of the total voting power of the members, have accepted the proposed amendment, the Bank shall certify that fact by formal communication addressed to all members.

2. Notwithstanding paragraph 1 of this Article:

(i) acceptance by all members shall be required in the case of any amendment modifying:

(a) the right to withdraw from the Bank;

(b) the rights pertaining to purchase of capital stock provided from in paragraph 3 of Article 5 of this Agreement;

(c) the limitations on liability provided for in paragraph 7 of Article 5 of this Agreement; and

(d) the purpose and functions of the Bank defined by Articles 1 and 2 of this Agreemeni;

(ii) acceptance by not less than three-fourths of the members having not less than Qighty-five (85) per cent of the total voting power of the members shall be required in the case of any amendment modifying paragraph 4 of Article 8 this Agreement.

When the requirements for accepting any such proposed amendment have been met, the Bank shall certify that fact by formal communication addressed to all members.

3. Amendments shall enter into force for all members three (3) months after the date of the formal communication provided for in paragraphs 1 and 2 of this Article unless the Board of Governors specifies a different period.

1. Any question of interpretation or application of the ,provisions of this Agreement arising between any member and-the Bank, or between any members of the Bank, shall be submitted to the Board of Directors for its decision. If there is no Director of its nationality in that Board; a member particularly affected by the question under consideration shall be entitled to direct representation in the meeting of the Board of Directors during such consideration. The representative of such member shall, however, have no vote. Such right of representation shall be regulated by the Board of Govarnors.

2. In any ca.se where the Board bf 'Directors has given a decision under paragraph i of this Article, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the decision of the Board of Governors, the Bank may, so far as it deems it necessary, act on the basis of the decision of the Board of Directors.

If a disagreement should arise between the Bank and a member which has ceased to be a member, or between the Bank and any member after adoption of a decision to terminate the operations of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three (3) arbitrators, one appointed by the Bank, another by the member or former member concerned, and the third, unless the parties otherwise agree, by the President of the International Court of Justice or such other authority as may have been prescribed by regulations adopted by the Board of Governors. A majority vote of the arbitrators shall be sufficient to reach a decision which shall be final and binding upon the parties. The third arbitrator shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

Whenever the approval or the acceptance of any member is required before any act may be done by the Bank, except under Article 56 of this Agreement, approval or acceptance shall be deemed to have been given unless the member presents an objection within such reasonabie period as the Bank may fix in notifying the member of the proposed act.

1. This Agreement, deposited with the Government of the French Republic (hereinafter called "the Depository”), shall remain open until 31 December 1990 for signature by the prospective znembers whose names are set forth in Annex A to this Agreement.

2. The Depository shall communica,te certified copies of this Agreement to all the Signatories.

1. The Agreement shall be subject to ratification, acceptance or approval by the Signatories. Instruments of ratification, acceptance or approval shall, subject to paragraph 2 of this Article, be deposited with the Depository not later than 31 March 1991. The Depository shall duly notify the other Signatories of each deposit and the date thereof.

2. Any Signatory may become a party to this Agreement by depositing an instrument of ratification, acceptance or approval until one year after the date of its entry into force or, if necessary, until such later date as may be decided by a majority of Governors, rpresenting a majority of the total voting power of the members.

3. A Signatory whose instrument referred to in paragraph 1 of this Article is deposited before the date on which this Agreement enters into force shall become a member of the Bank on that date. Any other Signatory which complies with the provisions of the preceding paragraph shall become a member of the Bank on the date on which its instrument of ratification, acceptance or approval is deposited.

1. This Agreement shall enter into force when instruments of ratification, acceptance or approval have been deposited by Signatories whose initial subscriptions represent not less than two thirds of the total subscriptions set forth in Annex A, including at least two countries from Central and Eastern Europe listed in Annex A.

2. If this Agreement has not entered into force by 31. March 1991 the Depository may convene a conference of interested prospective members to determine the future course of action and decide a new date by which instruments of ratification, acceptance or approval shall be deposited.

1. As soon as this Agreement enters into force under Article 62 of this Agreement, each member shall appoint a Governor. The Depository shall call the first meeting of the Board of Governors within sixty (60) days of entry into force of this Agreement under Article 62 or as soon as possible thereafter.

2. At its first meeting, the Board of Governors: (i) shall elect the President;

(ii) shall elect the Directors of the Bank in accordance with Article 26 of this Agreement;

(iii) shall make arrangements for determining the date of the commencement of the Bank's operations; and

(iv) shall make such other arrangements as appear to it nesessary to prepare for the commencement of the Bank's operations.

3. The Bank shall notify its members of the date of commencement of its operations.

Done at Paris on 29 May 1990 in a single original, whose English, French, German and Russian texts are equally authentic, which shall be deposited in the archives of the Depository which shall transmit a duly certified copy to each of the other prospective members whose names are set forth in Annex A.

SECTION A - ELECTION OF DIRECTORS BY GOVERNORS REPRESENTING BELGIUM, DENMARK, FRANCE, THE FEDERAL REPUBLIC OF GERMANY; GREECE, IRELAND, ITALY, LUXEMBOURG, THE NETHERLANDS, FORTUGAL, SPAIN, THE UNITED I KINGDOM, THE EUROPEAN ECONOMIC COMMUNITY AND THE EUROPEAN INVESTMENT BANK (HEREINAFTER REFERRED TO AS SECTION A GOVERNORS).

1. The provisions set out below in this Section shall apply exclusively to this Section.

2. Candidates for the office of Director shall be nominated by Section A Goverriors, provided that a Governor may nominate only one person. The election of Directors shall be by ballot of Section A Governors.

3. Each Governor eligible to vote shall cast for one person all of the votes to which the member appointing him or her is entitled under paragraphs i and 2 of Article 29 of this Agreement.

4. Subject to paragraph 10 of this Section, the i l persons receiving the highest number of votes shall be Directors, except that no person who receives less than 4,5 per cent of the total of the votes which can be cast (eligible votes) in Section A shall be considered elected.

5. Subject to paragraph 10 of this Section, if 11 persons are not elected on the first ballot, a second ballot shall be I held in which, unless there were no more than 11 candidates, the person who received the lowest number of votes in the first ballot shall be ineligible for election and in which there shall vote only:

(a) those Governors who voted in the first ballot for a person not elected and

(bJ those Governors whose votes for a person elected are deemed under paragraphs 6 and 7 below of this 5ection to have raised the votes cast for that person above 5.5 per cent of the eligible votes.

6. In determining whether the votes cast by a Governor are deemed to have raised the total votes cast for any person above 5,5 per cent of the eligible votes, the 5.5 per cent shall be deemed to include, first, the votes of the Governor casting the largest number of votes for such person, then the votes of the Governor casting the next largest number and šo on, until 5.5 per cent is reached.

7. Any Governor, part of whose votes must be counted in order to raise the total of votes cast for any person abode 4.5 per cent shall be considered as casting all of his or her votes for such person, even if the total votes for such person thereby exceed 5.5 per cent and shall not be eligible to vote in a further ballot.

8. Subject to paragraph 10 of this Section, if, after the second ballot, 11 persons have not been elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, until 11 persons have been elected, provided that, if at any stage 10 persons are elected, notwithstanding the provisions of paragraph 4 of this Section, the f ith may be elected by a simple majority of the remaining votes cast.

9. In the case of an increase or decrease in the number of Directors to be elected by Section A Governors, the minimum and maximum percentages specified in paragraphs 4, 5, 6 and 7 of this Section shall be appropriately adjusted by the Board of Governors.

10. So long as any Signatory, or group of Signatories, whose share of the total amount of capital subscriptions provided in Annex A is more than 2.4 per cent, has not deposited its instruments or their instruments of ratification, approval or acceptance, there shall bi no election for one Director in respect of each such Signatory or group of Signatories. The Governor or Governors representing such a Signatory or group of Signatories shall elect a Director in respect of each Signatory or group of Signatories, immediately after the Signatory becomes a member of the group of Signatories become members. Such Director shall be deemed to have been elected by the Board of Governors at its inaugural meeting, in accordance with paragraph 3 od Article 26 of this Agreement, if he or she is elected during the period in which the first Board of Directors shall hold office.

SECTION B - ELECTION OF DIRECTORS BY GOVERNORS REPRESENTING OTHER COUNTRIES

Section B (i) Election of Directors by Governors representing those countries Iisted in Annex A as Central and Eastern European Countries (recipient countries) (hereinafter referred to as Section B (i) Governors).

1. The provisions set out below in this Section shall apply exclusively to this Section.

2. Candidates for the office of Director shall be nominated by Section B (i) Governors provided that a Governor may nomate only one person .The election of Directors shall be by ballot of Section B (i) Governors.

3. Each Governor eligible to vote shall cast for one person all of the votes to which the member appointing him or her is entitled under paragraphs 1 and 2 of Article 29 of this Agreement.

4. Subject to paragraph 10 of this Section, the 4 persons receiving the highest number of votes shall be Directors, except that no person who receives less than 12 per cent of the total of the votes which can be cast (eligible votes) in Section B (i) shall be considered elected.

5. Subject to paragraph 10 of this Section, if 4 persons are not elected on the first ballot, a second ballot shall be held in which, unless there were no more than 4 candidates, the person who received the lowest number of votes in the first ballot shall be ineligible for election and in which there shall vote only:

(a) those Governors wha voted in the first ballot for a person not elected and

(b) those Governors whose votes for a person elected are deemed under paragraphs 6 and 7 below of this Section to have raised the votes cast for that person above 13 per cent of the eligible votes.

6. In determining whether the votes cast by a Governor are deemed to have raised the total votes cast for any person above 13 per cent of the eligible votes, the 13 per cent shall be deemed to include, first, the votes of the Governor casting the largest number o votes for such person, then the votes of the Governor casting the next largest number and so on, antil 13 per cent is reached.

7. Any Governor, part of whose votes must be counted in order to raise the total of votes cast for any person above 12 per cent shall be considered as casting all or his or her votes for such person, even if the total votes for such person thereby exceed 13 per cent and shall not be eligible to vote in a further ballot.

8. Subject to paragraph 10 of this Section, if, after the second ballot, 4 persons have not been elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, until 4 persons have been elected, provided that, if at any stage 3 persons are elected, notwithstanding the provisions of paragraph 4 of this Section, the 4th may be elected by a simple majority of the remaining votes,cast.

9. In the case of an increase or decrease in the number of Directors to be elected by Section B (i) Governors, the minimum and maximum percentages specified W paragraphs 4, 5, 6 and 7 of this Section shall be appropriately adjusted by the Board of Governos.

10. So long as any Signatory, or group of Signatories, whose share ot the total amount of capital subscriptions provided in Annex A is more than 2.8 per cent, has not deposited its instrument or their instruments of ratification, approval or acceptance, there shall be no election for one Diractor in respect of each such Signatory or group of Signatories. The Governor or Governors representing such a Signatory or group of Signatories shall elect a Director in respect of each Signatory or group of Signatories, immediately after the Signatory becomes a member or the group of Signatories become members. Such Director shall be deemed to have been elected by the Board of Governors at its inaugural meeting, in accordance with paragraph 3 of Article 26 of this Agreement, if he or she is elected during the period in which the first Board of Directors shall hold office.

Section B (ii) - Election of Directors bp GovernQrs representing thosa countries listed in Annex A as other European countries (hereinafter referred to as Section B (ii) GovernorsJ.

1. The provisions set out below in this Section shall apply exclusively to this Section.

2. Candidates for the office of Director shall be nominated by Section B (ii) Governors provided that a Governor may nominate only one person, The election of Directors shall be by ballot of Section B (ii) Governors.

3. Each Governor eligible to vote shall cast for one person ali the votes to which the member appointing him or her is entitled under paragraphs 1 and 2 of Article 29 of this Agreement.

4. Subject to paragraph l0 of this Section, the 4 persons receiving the highest number of votes shall be Directors, except that no person who receives less than 20.5 per cent of the votes which can be cast (eligible votes) in section B (ii) shall be considered elected.

5. Subject to paragraph 10 of this Section, if 4 persons are not elected on the first ballot, a second ballot shall be held in which, unless there were no more than 4 candidates, the person who received the lowest number of votes in the first ballot shall be ineligible for election and in which there shall vote only:

(a) those Governors who voted in the first ballot for a person not elected; and

(b) those Governors whose votes for a person elected are deemed under paragraphs 6 and 7 below of this Section to have raised the votes cast for that person above 21.5 per cent of the eligible votes.

6. In determining whether the votes cast by a Governor are deemed to have raised the total votes cast for any person above 21.5 per cent of the eligible votes, the 21.5 per cent shall be deemed to include, first, the votes of the Governor casting the largest number of votes for such person, then the votes of the Governor casting the next largest number and so on, until 21.5 per cents is reached.

7. Any Governor, part of whose votes must be counted in order to raise the total of votes cast for any person above 2Đ.5 per cent shall be considered as casting all of his or her votes for such person, even if the total votes for such person thereby exceed 21.5 per cent and shall not be eligib le to vote in a.further ballot.

8. Subject to paragraph 10 of this Section, if, after the second ballot, 4 persons have not been elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, until 4 persons have been elected, provided that, if at any stage 3 persons are elected, notwithstanding the provisions of paragraph 4 of this Section, the 4th may be elected by a simple majority of the remaining votes cast.

9. In the case of an increase or decrease in the number of Directors to be elected by section B (ii) Governors, tFie minimum and maximum percentages specified in paragraphs 4, 5, 6 and 7 of this Section shall be appropriately adjusted by the Board of Governors.

10. So long as any Signatory, or group of Signatories, whose share of the total amount of capitaI subscriptions provided in Annex A is more than 2.8 per cent, has not deposited its instruments or their instruments of ratification, approval or acceptance, there shall be no election for one Director in respect of each such Signatory or group of Signatories. The Governor or Governors reprssenting such a Signatory or group of Signatories shall elect a Director in respect of each Signatory or group of Signatories, immediately after the Signatory becomes a member or the group of Signatories become members. Such Director shall be deemed to have been elected by the, Board of Governors at its inaugural meeting, in accordance with paragraph 3 of Article 26 of this Agreement, if he or she is elected during the period in which the first Board of Directors shall hold office.

Section B (iii) - Election of Directors by Governors representing tlsose countries Iisted in Annex A as Non-European countries [hereinafter referred to as Section B (iii) Governors).

1. The provisions set out below in this Section shall apply exclusively to this Section.

2. Candidates for the office of Director shall be nominated by Section B (iii) Governors provided that a Governor may nominate only one person. T'he election of Directors shall be by ballot of Section B (iii) Governors.

3. Ea,ch Governor eligible to vote shall cast for one person all of the votes to whieh the member appointing him or her is entitled under paragraphs 1 and 2 of Article 29 of the Agreement.

4. Subject to paragraph 10 of this Section, the 4 persons receiving the highest number of votes shall be Directors, except that no person who receives less than 8 per cent of the total of the votes which can be cast (eligible votes) in Section B (iii) shall be considered elected.

5. Subject to paragraph 10 of this Section, if 4 persons are not elected on the first ballot, a second ballot shall be held in which, unless there were not more than 4 candidates, the person who received the lowest number of votes in the first ballot shall be ineligible for election and in which there shall vote only:

(a) those Governors who voted in the first ballot or a person not elected and

(b) those Governors whose votes for a person elected are deemed under paragraphs 6 and 7 below of this Section to have raised the votes cast for that person above 9 per cent of the eligible votes.

6. In determining whether the votes cast by a Governor are deemed to have raised the total votes cast for any person above 9 per cent of the eligible votes, the 9 per cent shall be deemed to include, first, the votes of the Governor casting the largest number of votes for such person, tehen the votes of the Governor casting the next largest number I and so on, until 9 per cent is reached.

7. Any Governor; part of whose votes must be counted in order to raise the total of votes cast for any person above 8 per cent shall be considered as casting all of his or hef I votes for such person, even if the total votes for such person thereby exceed 9 per cent and shall not be eligible to vote in a further ballot.

8. Subject to paraghraph 10 of this Section, if, after the second ballot, 4 persons have not been elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, until 4 persons have been elected, provided that, if at any stage 3 persons are elected, notwithstanding the provisions of paragraph 4 of this Section, the 4th may be elected by a simple majority of the remaining votes cast.

9. In the case of an increase or decrease in the number of Directors to be elected by Section B (iii) Governors, the minimum and maximum percentages specified in paragraphs 4, 5, 6 and 7 of this Section shall be appropriately adjusted by the Board of Governors.

10. So long as any Signatory, or group of Signatories, whose share of the total amount of capital subscriptions provided in Annex A is more than 5 per cent, has not deposited its instrument or their instruments of ratification, approval or acceptance, there shall be no election for one Director in respect of each such Signatory or group of Signatories. The Governor or Governors representing such a Signatory or group of Signatories shall elect a Director in respect of each Signatory or group of Signatories, immedlately after the Signatory becomes a member or the group of Signatories become members. Such Director shall be deemed to have been elected by the Board of Governors at its inaugural meeting in acrodance with paragraph 3 of Articie 26 of this Agreement, if he or she is elected during the period in which the first Board of Directors shall hold office.

SECTION C - ARRANGEMENTS FOR THE ELECTION OF DIRECTORS REPRESENTING COUNTRIES NOT LISTED IN ANNEX A.

If the Board of Governors decides, in accordance with paragraph 3 of Article 26 of this Agreement, to increase or decrease the size, or revise the composition, of the Board of Direectors, in order to take into account chages in the number of members of the Bank, the Board of Goyernors shall first consider whether any amendments are required to this Annex and may make any such ameridments as it deems necessary as part of such decision.

SECTION D - ASSIGNMENT OF VOTES.

Any Governor who does not participate in voting for the election or whose vote does not contribute to the slection of a Director under Section A or Section B (i) or Section B (ii) or Section B (iii) of this Annex may assign the votes to which he or she is entitled to as elected Director provided that such Governor shall first have obtained the agreement of all those Governors who have elected that Director to such assignments.

A decision by any Governor not to participate in voting for the election of a Director shall not affect the calculation of the eligible votes to be made under Section A. Section B (i), Section B (ii) or Section B (iii) of this Annex.

SPORAZUM O OSNIVANJU EUROPSKE BANKE ZA OBNOVU I RAZVOJ

Ugovorne strane,

Privržene osnovnim principima višestranačke demokracije, vladavini zakona, poštovanju ljudskih prava i tržišnoj ekonomiji;

Pozivajući se na Završni dokument Konferencije o sigurnosti i suradnji u Europi iz I-Ielsinkija, a posebno na Deklaraciju o principima;

Pozdravljajući namjeru zemalja Središnje i Istočne Europe da nastave praktičnu primjenu višestranačke demokracije, jaćanje demokratskih institucija, vladavinu zakona i poštovanja ljudskih prava i njihovu spremnost primjene reformi s ciljem razvoja tržišno orijentiranih gospodarstava;

Uzimajući u obzir važnost bliske i uskladene suradnje s ciljem promicanja gospodarskog napretka u zemljama Središnje i Istoćne Europe i pomoći njihovim gospodarstvima da postanu međunarodno konkurentna i pomaganju u njihovim obnovama i razvoju te na taj način smanjivanju gdje je to moguće, svakog rizika vezanog za financiranje njihovog gospodarstva;

Uvjereni da će osnivanje različitih financijskih ustanova, europskih po osnovnom karakteru i općenito međunarodnih po Članstvu, pomoći posluiiti tuj svrsi i da će uspostaviti novu i jedinstvenu strukturu suradnje u Europi;

Složili su se ovim osnovati Europsku banku za obnovu i razvoj (u daljnjem tekstu “Banka”) koja će djelovati u skladu sa slijedećim:

Doprinoseći gospodarskom napretku i obnovi, cilj Banke bit će poticanje prijelaza prema gospodarstvima slobodnog tržišta i promicanju privatne i poduzetničke inicijative u zemljama Srednje i Istočne Europe obavezujući se i primjenjujući principe višestranačke demokracije, pluralizam i tržišno gospodarstvo.

Za ispunjenje svog cilja poticanja prelaska zemalja Srednje i Istočne Europe na gospodarstva slobodnog tržišta i promicanju privatne poduzetničke inicijative, na dugi rok, Banka će pomagati zemljama Članicama primateljicama, primjenjivati strukturne i sektorske gospodarske promjene, uključujući demonopolizaciju, decentralizaciju i privatizaciju, i pomoći njihovim gospodarstvima da postanu potpuno integrirana u međunarodno gospodarstvo ovim mjerama:

(i) promicati, preko privatnih i drugih zainteresiranih investitora, osnivanje, unapređivanje i širenje aktivnosti produktivnog, konkurentskog i privatnog sektora, posebno malih i srednjih poduzeća;

(ii) prikupljanje domaćeg i stranog kapitala i iskusnog menadžmenta u svrhu opisanu u (i);

(iii) poticati produktivna ulaganja, ukljućujući u sektore usluga i financija, i u njima određenu infrastrukturu gdje je to potrebno za poticanje privatne i poduzetničke inicijative, na taj način pomažući u stvaranju kompetativnog okruženja i rastuće produktivnosti, životnog standarda i uvjeta rada;

(iv) osigurati tehničku pomoć za pripremu, financiranje i provedbu relevantnih projekata, bilo pojedinih ili u sklopu specifičnih investicijskih programa;

(v) stimulirati i poticati razvoj tržišta kapitala;

(vi) podržavati zdrave i gospodarstveno sposobne projekte u koje su uključene više od jedne zemlje primateljice;

(vii) promicati u punom opsegu ekološki čiste aktivnosti i održiv razvoj; i

(viii) poduzeti sve ostale aktivnosti i osigurati ostale usluge koje mogu poticati ove funkcije.

2. U provođenju ovih funkcija navedenih u stavku 1. ovog Članka, Banka će raditi u bliskoj suradnji sa svim svojim Članicama i na način koji smatraju prikladnim u skladu s uvjetima iz ovog Sporazuma, sa Međunarodnim monetarnim fondom, Međunarodnom bankom za obnovu i razvoj, Međunarodnom financijskom korporacijom, Agencijom za multilateralno investicijsko osiguranje, Organizacijom za ekonomsku suradnju i razvoj, i surađivat će s Ujedinjenim narodima i njegovim specijaliziranim agencijama i drugim srodnim tijelima, i svakim pravnim licem, bilo javnim ili privatnim, baveči se gospodarskim razvojem i investiranjem u zemaljama Srednje i Istoćne Europe

1. Članstvo u Banci bit će otvoreno:

(i) (1) europskim zemljama i (2) ne-europskim zemljama Članicama Međunarodnog monetarnog fonda; i

(ii) Europskoj ekonomskoj zajednici i Europskoj investicijskoj banci.

2. Zemlje pogodne za Članstvo prema stavku 1. ovog Članka, koje ne postanu Članovi u skladu sa Člankom 61. ovog Sporazuma, mogu biti primljene, prema rokovima i uvjetima koje Banka može odrediti, u Članstvo u Banku ako za to pozitivno glasuje najmanje dvije trećine guvernera, predstavljajući najmanje tri četvrtine ukupne glasaćke snage Članica.

1. Originalni auiorizirani osnivački kapital bit će deset tisuća milijuna (10,000.000,000) ECU-a. Bit će podijeljen u jedan milijun (1,000.000) dionica, po vrijednosti a pari deset tisuća (10,000) ECU-a svaka, koje-će biti slobodne za upis samo Članovima prema odredbama Članka 5. ovog Sporazuma.

2. Originalni temeljni kapital bit će podijeljen u uplaćeni dionički kapital i dionice po pozivu. Početna ukupna zbirna vrijednost uplaćenih dionica bit će tri tisuće milijuna (3,000,000,000) ECU-a.

3. Autorizirani temeljni kapital može se povećati u vrijeme i pod uvjetima koji će se činiti preporučljivima, glasovima najmanje dvije trećine guvernera, koji će predstavljati najmanje tri četvrtine ukupne glasačke snage Članica.

1. Svaki Član će upisati dionice temeljnog kapitala Banke, uvjetovan izvršenjem zakonskih obaveza Članova. Svaki upis originalnog autoriziranog temeljngo kapitala bit će u uplaćenim dionicama i dionicama po pozivu u omjeru tri (3) prema sedam (7). Početni broj dionica slobodnih za upis Potpisnika ovog Sporazuma koji su postali Članovi u skladu sa Člankom 61. ovog Sporazuma bit će utvrčen u Dodatku A. Niti jedan Član neće moći početno upisati manje od sto (100) dionica.

2. Poćetni broj dionica koje će upisati zemlje primljene u Članstvo u skladu sa Člankom 2. i 3. ovog Sporazuma odredit će Odbor guvernera; osiguravajući, ipak, da neće biti odobren niti jedan upis koji će za posljedicu imati smanjenje postotka temeljnog kapitala u vlasništvu zemalja Članica Europske ekonomske zajednice, zajedno sa Europskom ekonomskom zajednicom i Europskom investicijskom bankom, ispod većine ukupno upisanog temeljnog kapitala.

3. Odbor guvernera će u razdobljima ne većim od pet (5) godina ponovno razmotriti temeljni kapital Banke. U slučaju porasta u autorizirani temeljni kapital, svaki Član će imati razumnu priliku upisati, prema istovjetnim rokovima i uvjetima koje će odrediti Odbor guvernera, sve do proporcionalnog porasta dionica jednako proporciji podnesenih upisanih dionica prema ukupno upisanim temeljnim kapitalom odmah nakon takvog povećanja. Niti jedan Član neće biti obavezan upisati bilo koji dio povećanja temeljnog kapitala.

4. Prema odredbi iz stavka 3. ovog Članka, Odbor guvernera može, na zahtjev jedne Članice, povečati upis te Članice, ili dodijeliti dionice Članici unutar autoriziranog temeljnog kapitala koje nisu uzeli drugi Članovi; osiguravajući, ipak, da taj porast neće utjecati na smanjivanje postot ka temeljnog kapitala u vlasništvu zemalja Članica Europske ekonomske zajednice, zajedno sa Europskom ekonomskom zajednicom i Europskom investicijskom bankom, ispod većine ukupno upisanog temeljnog kapitala.

5. Dionice temeljnog kapitala početno upisane od Članica bit će izdavane at par (po nominalnoj vrijednosti). Ostale dionice bit će izdavane at par (po nominalnoj vrijednosti) osim ako Odbor guvernera, s najmanje dvije trećine glasova guvernera, koji predstavljaju najmanje dvije trećine ukupne glasačke snage Članica, odlući izdati ih u posebnim okolnostima pod drugim uvjetima.

6. Dionice temeljnog kapitala ne smiju se zalagati niti opteretiti ni na koji način i ne mogu biti prenosive, osim Banci u skladu s Poglavljem VII. ovog Sporazuma.

7. Odgovornost Članica za obveze Banke po dionicama ograničen je do nenplaćenog dijela cijene po kojima su izdane. Niti jedan Član neće biti odgovoran na temelju Članstva za obaveze Banke.

Uplata uplaćenih dionica od poćetno upisane sume svakog Potpisnika ovog ugovora, koji postaju Članovi u skladu sa Člankom 62, bit će obavljena u pet (5) rata po dvadeset (20) posto ukupne svote. Svaki Član uplatit će prvu ratu u roku od šezdeset (60) dana od stupanja na snagu ovog Sporazuma, ili od dana polaganja sredstva ratificiranja (potvrde), prihvaćanja ili odobravanja u skladu sa Člankom 61, ako je ovo potonje poslije dana stupanja na snagu. Ostale četiri (4) rate bit će obaveza nakon godine dana od dana od kojeg je prethodna rata postala obaveza i svaki Član platit će prema zakonskim zahtjevima.

2. Pedeset (50) posto uplate svake rate u vezi sa stavkom 1. ovog Članka, ili uz dopuštenje Članova u skladu sa stavkom 2. Članka 3. ovog Sporazuma, može biti u vlastitim mjenicama ili drugim vrijednosnicama izdanim od svakog Člana i denominiranim u ECU-e, USA dolare ili u japanske jene, da bi bili povučeni kada Banka zatreba novčana sredstva za isplatu kao rezultat svojih djelatnosti.

Ove obveznice moraju biti neprenosive, ne smiju donositi kamatu i plative po tržišnoj vrijednosti. Zahtjevi za naplatu po takvim mjenicama ili obveznicama trebali bi biti, u razumnom vremenskom periodu, takvi da vrijednost te potražnje u ECU-ima u vrijeme zahtjeva od svakog pojedinog Člana bude proporcionalna broju uplaćenih dionica upisanih i u vlasništvu svakog Člana koji je položio takve mjenice ili obveznice.

3. Sve obveznice plaćanja Članova u vezi s upisom dionica u početni temeljni kapital bit će plaćene ili u ECU-ima, USA dolarima ili japanskim jenima na temelju prosječnog tečaja primjenjivane valute prema ECU-u u vremenu od 30. rujna 1989. do ukljućivo 31. ožujka 1990.

4. Plaćanje upisane sume u uplaćeni temeljni kapital Banke bit će prerha pozivu, s obzirom na Članak 17. i 42. ovog Sporazuma, samo ako i kada to zatraži Banka zbog isplate svojih obaveza.

5. U slučaju poziva prema stavku 4. ovog Članka, Član vrši plaćanje u ECU-ima, USA dolarima ili japanskim jenima. Ovakvi pozivi moraju biti jedinstveno izraženi u vrijednosti ECU-a prema svakoj dionici po pozivu obraćunatoj u vrijeme poziva.

6. Banka će odrediti mjesto za svako plaćanje prema ovom Članku u roku od mjesec dana od nastupnđg sastanka Odbora guvernera, osiguravajući da, prije takve odluke, plaćanje prve rate iz stavka 1. ovog Članka bude izvršeno u Europskoj investicijskoj banci, kao opunomoćenika Banke.

7. Za upise osim onih iz stavka 1, 2. i 3. ovog Članka, plaćanje Članova s obzirom na upisane uplaćene dionice u ovlaštenom temeljnom kapitalu, bit će obavljena u ECU,ima, USA dolarima i japanskim jenima bilo u gotovini, mjenicama ili drugim vrijednosnicama.

8. U skladu s ovim Člankom, plaćanje ili denominacija u ECU-ima mora uključiti plaćanje ili denominaciju u bilo kojoj potpuno konvertibilnoj valuti koja je jednaka na dan plaćanja ili unovčenja vrijednosti obaveze u ECU-ima,

Izraz “redovni izvori kapitala” Banke koji je u upotrebi u ovom sporazumu uključuje slijedeće:

(i) autorizirani temeljni kapital Banke, uključujući uplative i dionice po pozivu, upisane prema Članku 5. ovog sporazuma;

(ii) sredstva prikupljena Bankovnim pozajmljivanjem na temelju ovlasti danim u podstavku (i) Članka 20. ovog sporazuma, za koje je na snazi obveza poziva predviđena u stavku 4. Članka 6. ovog sporazuma;

(iii) sredstva prikupljena po osnovi otplata zajmova ili garancija i proizlazeći iz raspolaganja kapitalnim ulaganjima danih po izvorima oznaćenim u podstavcima (i) i (ii) ovog Članka;

(iv) prihod proistekao od zajmova i kapitalnih ulaganjaodobrenih iz izvora oznaćenih u podstavcima (i) i (ii) ovog Članka i prihod proistekao iz garancija i osiguranja koji ne čine dio specijalnih djelatnosti Banke; i

(v) sva ostala sredstva ili prihod koje je Banka primila a koji ne čine dio izvora njezinih specijalnih sredstava prema Članku 19. ovog Sporazuma.

1. Izvori i sredstva Banke isključivo će se upotrebljavati za ostvarivanje cilja i provođenje zadataka postavljenih prije, odnosno, u Članku 1. i 2. ovog Sporazuma.

2. Banka može provoditi svoje djelatnosti u zemljama Srednje i Istoćne Europe koje odlučno idu u prijelaz prema tržišno orijentiranim gospodarstvima i unapređenju privatne i poduzetnićke iriicijative, a što se primjenjuje, konkretnim koracima i na druge načine, pravilima postavljenim prije u Članku 1. ovog Sporazuma.

3. U slučajevima kada Član primjenjuje politiku koja nije u skladu sa Člankom 1. ovog Sporazuma, ili u iznimnim okolnostima Odbor direktora će odlućiti da li će Članu biti zabranjen pristup izvorima ili na drugi način ograničen i u skladu s tim dati preporuke Odboru guvernera. Svaku odluku u takvim slučajevima donosi Odbor guvernera većinom od najmanje dvije trećine guvernera koja predstavlja najmanje tri četvrtine ukupne glasačke snage Članova.

4. (i) Svaka zemlja potencijalni prirnatelj može tražiti da joj Banka osigura pristup njezinim izvorima za ograničene svrhe kroz tri (3) godine poćevši od stupanja na snagu ovog ugovora. Svaki takav zahtjev bit će pridodan kao sastavni dio ovog Sporazuma čim se sastavi.

(ii) Kroz to razdoblje:

a) Banka će osigurati takvoj zemlji i poduzećima na njezinom teritoriju, prema njihovom zahtjevu, tehničku pomoć i druge vrste pomoći usmjerenim u financiranje privatnog sektora, olakšati prijelaz iz državno upravljanih poduzeća u privatno vlasništvo i kontrolu, i pomoći poduzeća koja djeluju konkurentno i kreću se ka sudjelovanju u tržišno orijentiranom gospodarstvu, u skladu s ciljem postavljenim u stavku 3. Članka 11. ovog Sporazuma;

b) ukupna suma svake tako osigurane pomoći ne smije nadmašiti ukupnu svqtu isplaćenog gotovog novca i mjenica.izdanih od te zemlje za svoje dionice.

(iii) na kraju tog razdoblja, odluku koja dozvoljava takvoj zemlji pristup izvan granica određenih u podstavcima (a) i (b) donijet će Odbor guvernera većinom od najmanje tri četvrtine guvernera koji predstavljaju osamdeset i pet (85) posto ukupne glasačke snage Članova.

Djelatnosti Banke sastoje se od redovnih djelatnosti financiranih iz redovnih kapitalnih izvora Banke prema Članku 7. ovog Sporazuma i specijalne djelatnosti financirane iz izvora specijalnih sredstava prema Članku 19. ovog Sporazuma. Mogu se kombinirati dva tipa djelatnosti.

1. Izvori redovnog kapitala i izvori specijalnih sredstava Banke moraju u svako vrijeme i u svakom pogiedu biti čuvani, korišteni, povjereni, investirani ili na drugi način raspoređeni, te u potpunosti odvojeni jedni od drugih. Financijska izvješća Banke moraju pokazivati rezerve Banke, zajedno s njezinim redovnim djelatnostima i odvojeno, njezinim specijalnim djelatnostima.

2. Izvori redovnog kapitala Banke ne mogu ni pod kojim uvjetima biti opterećeni ili upotrijebljeni za rasterećenje gubitaka i dugovanja proisteklih iz specijalnih djelatnosti ili drugih aktivnosti za koje su izvori specijalnih sredstava prvotno upotrijebljeni ili povjereni.

3. Troškovi koji pripadaju direktno redovnim djelatnostima teretit će izvore redovnog kapitala Banke. Troškovi koji pripadaju direktno specijalnim djelatnostima teretit će izvore specijalnih sredstava. Svi drugi troškovi, prema stavku 1. Članka 18. ovog ugovora, bit će rasporedeni prema odluci Banke.

1. Banka će provoditi svoje operacije U promicanju svojih ciljeva i djelatnosti navedenih u Članku 1. i 2. ovog Sporazuma po nekom ili svim od slijedećih načina

(i) dajući ili sufinancirajući zajedno s mnogostranim ustanovama, komercijalnim bankama ili drugim zainteresiranim stranama, ili sudjelujući u zajmovima poduzećima privatnog sektora, zajmovima svim državnim poduzećima koja djeluju konkurentno i kreću se prema ućešću u tržišno orijentiranom gospodarstvu, i zajmovima svim državnim poduzećima za olakšavanje njihovog prelaska ka privatnom vlastiištvu i kontroli; a posebno. u omogućavanju ili povećanju učešća privatnog i/ili stranog kapitala i takvim poduzećima;

(ii) (a) ulažući u kapital privatnih poduzeća;

(b) ulažući u kapital bilo kojeg državnog poduzeća koja djeluju konkurentno i kreću se k učešću u triišno orijentiranom gospodarstvu, i ulažući u.kapital državnog poduzeća za, olakšanje njihovog prijelaza u privatno vlasništvo i kontrolu; posebno za olakšavanje ili povećanje učešća privatnog i/ili stranog kapitala. u takvim poduzećima; i

(c) osiguravanjem, gdje drugi vidovi financiranja nisu prikladni, izdavanjem, vrijednosnih dionica kapitala i privatnih i državnih poduzeća navedenih u (b) u svrhu spomenutu u tom podstavku;

(iii) olakšavajući pristup domaćem i međunarodnom tržištu kapitala poduzećima privatnog sektora ili drugim poduzećima navedenim u podstavku (i) ovog stavka u svrhu spomenutu u tom podstavku, kroz osiguranje garancija, gdje drugi vidovi financiranja nisu prikladni, i kroz financijsko savjetovanje i druge oblike pomoći;

(iv) razvijajući izvore specijalnih sredstava u skladu s ugovorom koji utvrduje njihovu upotrebu; i

(v) dajući ili sudjelujući u zajmovima i osiguravajući tehničku pomoć za obnovu ili razvoj infrastrukture, uključujući programe zaštite okoliša, neophodne za razvoj privatnog sektora i prijelaz na tržišno orijentirano gospodarstvo.

U smislu ovog stavka, za državna poduzeća se neće smatrati da djeluju konkurentno ako ne djeluju samostalno u uvjetima konkurentskog tržišta i za ako za njih ne vrijedi Zakon o stečaju.

2. (i) Odbor direktora će najmanje jednom godišnje ponovno razmotriti djelatnosti Banke i strategiju davanja zajmova u svakoj zemlji primatelju kako bi osigurali da su cilj i funkcije Banke, kao što je navedeno u Članku 1. i 2. ovog. Sporazuma, u potpunosti ispunjeni. Sve odluke u svezi s tim ponovnim razmatranjem donose se većinom od najmanje dvije trećine direktora, predstavljajući najmanje tri ćetvrtine ukupne glasačke snage Članova.

(ii) Spomenuta revizija ukljućuje razmatranje, između ostalog, napretka svake zemlje primatelja u decentralizaciji, demonopolizaciji i privatizaciji i relativni dio zajmova Banke privatnim poduzećima, državnim poduzećima u procesu prijelaza ka tržišno orijentiranom gospodarstvu ili privatizaciji, za infrastrukturu, za tehničku pomoć i druge svrhe.

3. (i) Ne više od četrdeset (40) posto sume ukupno danih zajmova, garancija i ulaganja kapitala Banke bez predrasuda prema drugim djelatnostima navedenim u ovom Članku, bit će namijenjen državnom sektoru. Takvo postotno ogranićenje bit će tijekom perioda od dvije (2) godine, počevši s danom početka djelatnosti Banke, godinu za godinom, i zatim u skladu sa svakom slijedećom financijskom godinom.

(ii) Za svaku zemlju, ne više od ćetrdeset (40) posto sume ukupno danih zajmova, garancija i ulaganja kapitala Banke kroz razdoblje od pet (5) godina, godinu za godinom, i bez predrasude prema drugim djelatnostima Banke, naznaćenim u ovom članku, bit će osigurano državnom sektoru.

(iii) U smislu ovog stavka,

(a) državni sektor obuhvača nacionalne i lokalne vlasti njihove agencije i poduzeća u njihovom vlasništvu i pod kontrolom nekoga od njih;

(b) zajam, garancija, ili ulaganja kapitala u državno poduzeće koje primjenjuje program za postizanje privatnog vlasništva i kontrole ne smatra se ulaganjem u državni sektor;

(c) zajmovi financijskim posrednicima za daljnje zajmove privatnom sektoru neće se smatrati davanjem u državni sektor.

l. Ukupna svota nepodmirenih zajmova, i garancija odobrenih u redovnim djelatnostima Banke neće biti povećana ni u koje vrijeme, ako će se takvim povećanjem nadmašiti ukupna svota nesmanjenog upisanog kapitala, rezervi i viškova uključenih u izvore redovnog kapitala (sc. Banke).

2. Svota pojedinog ulaganja kapitala ne smije normalno nadmašiti postotak kapitala dotičnog poduzeća određenog, po općem pravilu kojeg će donijeti Odbor direktora. Banka neće težiti putem takvog ulaganja zadržavanja kontrolnog interesa u dotičnom poduzeću i neće prakticirati takvu kontrolu ili preuzeti izravnu odgovornost za upravljanje pojedinog poduzeća u koje je uloženo, osim u slućaju stvarnog ili prijetećeg neplaćanja u pojedinom od svojih ulaganja, stvarne ili prijeteće nelikvidnosti poduzeća u koje je takvo ulaganje učinjeno, ili u drugim situacijama, u kojima, prema mišljenju banke, prijeti ugrožavanju takve investicije, u kojem slučaju Banka može poduzeti takvu akciju i postupke za koje smatra da su nužni za zaštitu njenih interesa.

3, Suma isplaćenih ulaganja kapitala Banke ne smije ni u kojem trenutku prerasti sumu koja odgovara njezinom neumanjenom uplaćenom upisanom kapitalu, viškovima i općim rezervama.

4. Banka neće izdavati garancije za izvozne kredite niti poduzimati akcije osiguranja.

Banka će djelovati u skladu s ovim principima;

(i) Banka će primjenjivati čvrste bankarske principe u svim svojim djelovanjima.

(ii) djelovanje Banke će osigurati financiranje specifičnih projekata, bilo pojedinačnih ili u sklopu specifičnih investicijskih programa, i tehničku pomoć, s namjerom da ispuni svoj cilj i funkciju kao što je planirano u Članku 1. i 2. ovog sporazuma.

(iii) Banka neće financirati niti jedan pothvat na teritoriju Člana ako Član ima primjedbu na takvo financiranje;

(iv) Banka neće dozvoliti da se nesrazmjerne sume iz njezinih izvora upotrebljavaju u korist bilo kojeg Člana;

(v) Banka će nastojati zadržati razumnu raznolikost u svim svojim ulaganjima;

(vi) prije nego što zajam, garancija ili ulaganje budu odobreni, kandidat mora podnijeti odgovarajuću molbu, a predsjednik Banke će molbu u pismenom obliku predoćiti Odboru direktora, zajedno s preporukama na temelju proučavanja osoblja (sc. Banke);

(vii) Banka neće preuzeti niti jedno financiranje, ili osigurati ma koju uslugu, kada.je podnositelj molbe u moguć nosti dobiti drugdje zadovoljavajuće financiranje ili usluge pod rokovima i uvjetima koje Banka smatra razumnima;

(viii) u pribavljanju i osiguranju financiranja, Banka će platiti u skladu s očekivanjem da će uzajmitelj i njegov garant ako ga ima, biti u stanju udovojljiti svojim obvezama u skladu s ugovorom o financiranju;

(ixj u slučaju direktnog zajma odobrenog od Banke, Banka će uzajmitelju dozvoliti podizanje novca samo za podmirenje troškova za koje se stvarno zadužio;

(x) Banka će nastojati obrtati svoje fondove prodajom svojih ulaganja privatnim ulagaćima kad god to može odgovarajuće učiniti pod zadovoljavajućim uvjetima;

(xi) u svojim ulaganjima u privatna poduzeća, Banka će preuzeti financiranje po odgovarajućim rokovima i uvjetima, uzimajući u obzir obveze poduzeća, rizik preuzimanja od Banke, i rokove i.uvjete normalno dobivene od privatnih ulagača za slično ulaganje;

(xii) Banka neće ograničavati pribavljanje roba i usluga iz bilo koje zemlje u dobivanju zajma, ulaganja ili drugog financiranja preuzetog u redovnoj ili specijalnoj djelatnosti Banke, a Banka će u svim odgovarajućim slućajevima, davati zajmove i ostale usluge temeljene na međunarodnim pozivima na tendere; i

(xiii) Banka će poduzeti neophodne mjere za osiguranje da će dobiveni zajam, garanciju ili udio u njima od strane Banke, ili ulaganja kapitala biti upotrijebljen u svrhu za koju je zajam ili ulaganje kapitala i uz obaveznu pažnju uzeti u obzir gospodarstvo i efikasnost.

l. U slučaju davanja zajma, sudjelovanju u njemu, ili davanja garancija Banke, ugovor će utvrditi rokove i uvjete za svaki zajam ili garanciju, uključujući one o plaćanju glavnice, kamata i ostalih pristojbi, odnosno tarifa, rokova dospijeća i dana plaćanja s obzirom na zajam ili garanciju. U ugovaranju ovih rokova i uvjeta, banka će u potpunosti; uzeti u obzir potrebu osiguranja svog prihoda.

2. Kada primatelj zajma ili garancija zajma nije ujedno i Član, ali je državno poduzeće, Banka može, kada se to čini poželjnim, imajući na umu Različite pristupe odgovarajućim javnim i državnim poduzećima u prelasku ka privatnom vlasništvu i kontroli, tražiti od Člana ili Članova na čijem teritoriju će se vršiti dotični projekt, ili javne agencije ili nekog sredstva tog Člana ili Članova prihvatljivog za Banku, garantiranje otplate glavnice i plaćanja kamata i drugih pristojbi i zajmovnih taksi u skladu s tim uvjetima. Odbor direktora će jednom godišnje razmotriti poslovanje Banke n,a tom području, dajući dužnu pažnju kreditnoj vrijednosti Banke.

3. Ugovor o zajmu ili garanciji mora toćno navesti valutu ili valute, ili ECU, u kojoj će nadalje biti obavljena sva plaćanja Banci.

1. Banka će zaraćunavati, uz kamatu, proviziju na odobrene zajmove ili ućešće u njima kao dio svojih redovnih djelatnosti. Rokove i uvjete ove provizije određivat će Odbor direktora.

2. Prilikom garantiranja zajmova kao dijela svojeg redovnog djelovanja, ili osiguranja prodaje vrijednosnica, Banka će naplatiti pristojbu, plativu po cijeni i vremenu koje je odredio Odbor direktora, za, osiguranje odgovarajuće naknade za rizik.

3. Odbor direktora može ođrediti i druge tarife Banke u njezinom redovitom poslovanju i svaku proviziju, pristojbu i druge tarife u svojem specijalnom poslovanju.

1. Prema Članku 15. ovog Sporazuma iznos provizija i pristojbi koje je Banka primila bit će stavljen na stranu kao specijalna rezerva, koja će se čuvati da bi se namirili troškovi Banke u skladu s Člankom 17. ovog Sporazuma. Banka može odlućiti da će se posebno, rezerva čuvati u tom likvidnom obliku.

2. Ako Odbor direktora ustanovi da je specijalna rezerva odgovarajuća, on može odlučiti da će ubuduće sva ili pak samo dio navedenih provizija ili pristojbi formirati dio dohotka Banke.

1. U redovitom poslovanju Banke, u slučajevima kada dođe do dugova ili nenamirenja zajmova koje je Banka dala, sudjelovala u njima ili garantirala, i u slućaju gubitaka zbog osiguranja i ulaganja kapitala, Banka će poduzeti akcije koje smatra odgovarajućima. Banka će se pridržavati odgovarajućih propisa kako bi izbjegla moguće gubitke.

2. Gubici koji nastaju u redovitom poslovanju Banke teretit će:

(i) prvo, propise koji se odnose na stav 1. ovog Članka;

(ii) drugo, čisti dohodak

(iii) treće, na teret specijalnih rezervi osiguranih prema Članku 16. ovog Sporazuma;

(iv) četvrto, na teret općih rezervi i viškova;

(v) peto, na teret neumanjenog uplaćenog kapitala; i

(vi) zadnje, odgovarajuće sume nepozvanog upisanog otkazivog kapitala koji će biti pozvan u skladu s odredbama stava 4. i 5. Članka 6. ovog Sporazuma.

1. Banka može prihvatiti upravljanje specijalnim sredstvima koja su osnovana da služe određenoj svrsi i nalaze se u okviru funkcija Banke. Puni troškovi upravljanja nekih takvih sredstava ići će na teret tih specijalnih sredstava.

2. Specijalna sredstva koje je banka prihvatila mogu se koristiti na bilo koji način i po bilo kojim rokovima i uvjetima u skladu sa svrhom i funkcijama Banke, s drugim primienjivim odredbama ovog Sporazuma i sa sporazumom ili sporazumima srodnim takvim sredstvima.

3. Banka će prihvatiti takva pravila i propise koja bi se moglo zahtijevati prilikom osnivanja, upravljanja i korištenja pojedinih specijalnih sredstava. Takva pravila i propisi morat će biti u skladu s odredbama ovog Sporazuma, osim onih odredaba koje će se upotrebljavati izričito u redovitom poslovanju banke,

Izraz “Izvori specijalnih sredstava” odnosit će se na izvor svakog specijalnog sredstva i sadržavat će:

(i) sredstva koje je Banka prihvatila da bi se uključili u bilo koji posebni fond;

(ii) sredstva koja su vraćena s .obzirom na za.jmove ili garancije, i koja proizlaze iz ulaganja kapitala, te su financirana iz bilo kojih specijalnih sredstava, prema pravilima i propisima kojima se upravlja tim Specijalnim sredstvima, i primljena od takvih Specijalnih sredstava; i

(iii) prihod proizašao iz ulaganja u izvore specijalnih sredstava.

l. Banka će uz ovlasti navedene drugdje u ovom Sporazumu, imati ovlasti za:

(i) pozajmijivanje sredstava u zemljama Članicama ili drugdje, osiguravajući uvijek:

(a) prije prodaje svojih obveznica na prostoru te zemlje, Banka će morati dobiti njezinu suglasnost; i

(b) dobivarije odobrenja zemlje u kojoj će se vršiti denaminacija obveznica Banke u valutu zemlje Članice;

(ii) ulagati ili deponirati sredstva koja joj nisu potrebna u njezinim djelatnostima;

(iii) kupovati i prodavati vrijednosnice, na sekundarnom tržištu, koje je Banka izdala ili za njih garantira ili u koje je uložiia;

(iv) garantirati vrijednosnice u koje je uložila zbog njihove lakše prodaje;

(v) osiguravati ili sudjelovati u osiguravanju ,vrijednosnica izdanih od bilo kojeg poduzeća u suglasnosti sa svrhom i djelatnostima Banke;

(vi) osigurati tehnički savjet i pomoć koji služe određenoj svrsi i nalaze se u okviru njezinih djelatnosti;

(vii) primjenu takvih drugih ovlasti i prihvaćanje takvih pravila i propisa koje mogu biti potrebne odnosno podesne u unapređivanju cilja i djelatnosti, u skladu s odredbama ovog Sporazuma;

(viii) sklopiti ugovor o kooperaciji s bilo kojim javnim ili pravnim privatnim pravnim licem ili licima.

2. Svaka vrijednosnica koju je Banka izdala ili za nju garantira morat će imati na sebi uoćljiv navod da bi se znalo da to nije obveznica bilo koje vlade ili zemlje Članice; osim ako to zapravo nije obaveza određene vlade ili Članice, u kojem slučaju će to biti navedeno.

1. Kada u ovom Sporazumu bude potrebno ustanoviti da li je neka valuta potpuno konvertibilna u svrhu ovog Sporazuma, takvu odluku donijet će Banka, i to iznad svega uzimajući u obzir potrebu za oćuvanjem svojih vlastitih financijskih interesa, i to nakon konzultacija, ako su potrebne, s Međunarodnim monetarnim fondom.

2. Članovi ne bi smjeli nametati nikakva ograničenja na pri,mitak, čuvanje, korištenje ili transfer iz/u Banku slijedećeg:

(i) valute ili ECU-a koje je Banka primila na plaća,njem upisanog temeljnog kapitala u skladu sa Člankom 6 ovog Sporazuma;

(ii) valuta koje je banka dobila pozajmljivanjem;

(iii) valute i druge izvore kojima banka upravlja kao doprinos specijalnim sredstvima; i

(iv) valute koje je banka primila na temelju glavnice, kamata, dividenti ili drugih pristojbi koji su u svezi s zajmovima i ulaganjima, ili koje proizlaze iz raspolaganja investicijama ostvarenim iz bilo kojeg fonda navedenog u podstavku (i) do (iii) ovog stavka, ili u plaćanju provizije, pristojbi ili drugih davanja. ,

Banka će imati Odbor guvernera, Odbor direktora, Predsjednika, jednog ili više dopredsjednika i druge dužnosnike i osoblje koje će se smatrati neophodnim.

Svaki Član bit će predstavljen na Odboru guvernera i imenovat će jednog guvernera i jednog zamjenika. Svaki guverner i zamjenik radit će na zadovoljstvo Člana koji ga je imenovao. Niti jedan zamjenik ne može glasovati osim u odsutnosti njegovog ili njezinog principa. Na svakom godišnjem sastanku, Odbor će izabrati jednog od guvernera kao Predsjednika koji će taj položaj za,driati sve do izbora slijedećeg Predsjednika.

2. Guverneri i zamjene vršit će tu dužnost bez nagrade Banke.

1. Sve ovlasti Banke bit će prenesene na Odbor guvernera.

2. Odbor guvernera moie prenijeti u Odbor direktora neke ili sve svoje ovlasti, osim ovih ovlasti:

(i) primiti nove Članove i odrediti uvjete njihovog priraanja;

(ii) porast ili pad odobrenog temeljnog kapitala Banke;

(iii) suspendirati Člana;

(iv) ocijeniti molbu o tumačenju i primjeni ovog Sporazuma koju donese Odbor direktora;

(v) odobriti sklapanje općeg sporazuma o kooperaciji s ćn.igim međunarodnim organizacijama;

(vi) izabrati direktore i Predsjednika Banke;

(vii) odrediti nagradu za direktore i zamjenike direktori, te plaću i druge uvjete ugovora o radu za predsjednika;

(viii) odobriti, nakon revizorovog izvještaja, opću bilance i izvještaj o dobiti i gubitku Banke;

(ix) odrediti zalihe i dodjelu i podjelu dohotka Banke;

(x) poboljšati ovaj Sporazum;

(xi) odlučiti o završetku djelovanja banke i raspodjeli ovine; i

(xii) izvršavati i druge ovlasti kao što su već izričito navedene u Odboru guvernera u ovom Sporazumu.

3. Odbor guvernera će zadržati potpune ovlasti da bi imali vlast nad svakim predmetom koji je dodijeljen u vlasništvo Odbora direktora prema stavu 2 ovog Članka, ili bilo gdje u ovom Sporazumu.

1. Odbor guvernera održavat će godišnji sastanak i druge sastanke koje će pripremati Odbor ili koje će sazivati Odbor direktora. Sastanak Odbora guvernera mora se sazvati, đd štrana Odbora direktora, kadgod to zatraže najmanje (5) Članova Banke ili Članovi koji drže najmanje četvrtinu ukupne glasačke snage Članova.

2. Dvije trećine guvernera će predstavljati kvorunn za svaki sastanak Odbora guvernera, osiguravajući većiniu od najmanje dvije trećine ukupne glasačke snage Članova.

3. Odbor guvernera, može putem propisa ustanoviti postupak pomoću kojeg Odbor direktora može, kada potonji smatra takvu akciju preporučljivom, dobiti glasove guvernera o pojedinim pitanjima bez.sazivanja sastanka Odbora guvernera.

4. Odbor guvernera, i Odbor direktora u mjeri u kojoj je ovlašten, može prihvatiti takve odredbe i pravila i utemeljiti pomoćna tijela ako bude potrebno ili primjereno za vođenje poslova Banke.

1. Odbor direktora sastojat će se od dvadeset i tri (23) Člana koji ne mogu biti Članovi Odbora guvernera i od kojih će:

(i) jedanaest izabrati guverneri, predstavnici Belgije, Danske, Francuske, Savezne Republike Njemačke, Grčke, Turske, Italije, Luxemburga, Nizozemske, Portugala, Španjolske, Ujedinjenog Kraljevstva (UK), Europske ekonomske zajednice i Europske investicijske banke; i

(ii) dvanaest izabrati guverneri predstavnici ostalih Članova, od kojih:

(a) četiri (4) od guvernera predstavnika zemalja navedenih u Dodatku A kao zemlje Središnje i Istočne Europe pogodne za suradnju s Bankom;

(b) četiri (4) od guvernera predstavnika onih zemalja navedenih u Dodatku A kao ostale zemlje Europe;

(c) četiri (4) od guvernera predstavnika onih zemalja navedenih u Dodatku A kao ne-europske zemlje. Direktori, isto kao i predstavnici Članova izabrani od guvernera, mogu predstavljati Članove koji im dodijele svoje glasove.

2. Direktori moraju biti osobe visokog znanja u gospodarstvenim i financijskim stvarima i moraju biti izabrani u skladu sa Dodatkom B.

3. Odbor guvernera može povećati ili smanjiti broj, ili revidirati sastav Odbora direktora, uzimajući u obzir promjene u broju Članica Banke, za što su potrebni glasovi najmanje dvije trećine guvernera, predstavnika najmanje tri četvrtine ukupne glasačke snage Članova. Bez štete za, provođenje ovih ovlasti do slijedećih izbora, broj i sastav drugog Odbora direktora bit će kao što je navedeno u stavku I ovog Članka.

4. Svaki direktor imenovat će zamjenu sa punim ovlas tima da djeluje umjesto njega ili nje kada on ili ona nije prisutan. Direktori i zamjene moraju biti državljani zernalja Članica. Niti jedan Član ne može biti zastupljen s više od jednim direktorom. Zamjena može učestvovati u sastancima Odbora ali može glasovati samo kada on ili ona djeluje samostalno umjesto svoga principala.

5. Direktori će obnašati tu dužnost u periodu od tri (3) godine i može biti ponovno izabran; pod uvjetom da prvi Odbor direktora bude izabran na prvorin sastanku Odbora guvernera, i da bude na toj dužnosti do slijedećeg godišnjeg sastanka Odbora guvernera koji slijedi odmah zatim; ili, ako na godišnjem sastanku tako odlući Odbor, sve do slijedećeg godišnjeg sastanka. Oni će obnašati dužnost sve dok njihovi nasljednici ne budu izabrani i ne preuzmu dužnost. Ako mjesto direktora ostane prazno više od sto i osamdeset (180) dana prije kraja njegovog ili njezinog mandata, nasljednik će biti izabran u skladu s Dodatkom B, do kraja mandata, od guvernera koji su izabrali bivšeg direktora. Većina glasova tih guvernera potrebna je za svaki takav izbor. Ako mjesto direktora ostane upražnjeno sto i osamdeset (180) dana ili manje prije kraja njegovog ili njezinog mandata, nasljednik može biti izabran na isti način do kraja mandata, većinom glasova tih guvernera koji su izabrali bivšeg direktora, a za čiji je izbor potrebna većina glasova tih guvernera. Dok je mjesto upražnjeno, zamjena bivšeg direktora imat će ranije ovlasti, osim imenovanja zamjene.

Bez štete za ovlasti Odbora guvernera koje su osigurane u Članku 24 ovog Sporazuma, Odbor direktora bit će odgovoran za upravljanje glavnim operacijama Banke, i zbog toga će, uz ovlasti dodijeljenim im izričito u ovom Sporazumu, izvršavati sve ovlasti dodijeljene im od Odbora guvernera, i to posebno:

(i) pripremiti rad Odbora guvernera;

(ii) u skladu s osnovnim odredbama Odbora guvernera, voditi politiku i donositi odluke u svezi sa zajmovima, garancijama, ulaganjima u kapital, Bankovnom pozajmljivanju, nabavljanjem tehničke pomoći i drugim operacijama Banke;

(iii) podnositi na odobrenje revidirane raćune za svaku financijsku godinu Odboru guvernera na svakom godišnjem sastanku; i

(iv) odobriti budžet banke.

I. Odbor direktora će normalno funkcionirati u glavnom uredu Banke i sastajat će se tako ćesto koliko to zahtijeva poslovanje Banke.

2. Većina direktora će sačinjavati kvorum za svaki sastanak Odbora direktora, osiguravajući da ta većina. predstavlja ne manje od dvije trećine ukupne glasaćke snage Članova.

3. Odbor guvernera će usvojiti pravila po kojima, ako nema direktora vlastite nacionalnosti, Član maže poslati predstavnika da prisustvuje, bez prava glasa, svakom sastanku Odbora direktora kada se predmet osobito tiče promatranog Člana.

1. Glasačka snaga svakog Člana bit će jednaka broju njegovih upisanih dionica u temeljnoin kapitalu banke. U slučaju da bilo koji Član ne plati neki dio iznosa svoje obaveze u uplaćenim dionicama u skladu sa Člankom 6 ovog Sporazuma, taj Član neće moći, toliko dugo koliko traje propust, sudjelovati u glasačkoj snazi s onim postotkom koliko odgovara postotku sume koji je neplaćen u odnosu na upisane dionice tog Člana u temeljni kapital Banke.

2. Kod glasovanja u Odboru guvernera, svaki će guverner imati pravo zbrajati glasove onih Članova koje on ili ona predstavlja. O svim pitanjima pred Odborom guvernera odlučivat će se većinom glasova čianova koji glasilu. osim ako nije drugačije izričito određeno u Sporazumu,

3. Kod glasovanja u Odboru direktora svaki direktof će imati pravo zbrojiti određen broj glasova na koje ima pravo guverner koji je izabrao njega ili nju i one koje su mu /njoj dali guverneri koji, prema Dijelu D Dodatka B, imaju pravo na to. Direktor koji zastupa više od jednog Člana može posebno zbrojiti. glasove Članova koje zastupa. O svim pitanjima pred Odborom direktora odlučivat će se većinom glasačke snage glasa.ča koji glasuju, osim ako u Sporazumu nije drugačije navedeno, i osim ako se ne radi o odlukama koje spadaju u opću politiku, u tom će slučaju takva odluka biti donesena dvotrećinskom većinom ukupne glasačke snage Članova koji glasuju.

1. Odbor guvernera, glasovanjem većine od ukupnog broja guvernera koji predstavljaju većinu ukupne glasačke snage svih Članova, izabrat će Predsjednika Banke. Predsjednik, dok vrši tu dužnost, ne smije biti guverner, direktor ili zamjenik za nekoga od njih.

2. Mandat Predsjednika je četiri (4) godine. On ili ona može biti ponovno izabran/a. On ili ona će prestati vršiti duinost Predsjednika kada tako odluči Odbor guvernera dvotrećinskom većinom glasova, predstavljajući najmanje dvije trećine glasačke snage Članova. Ako mjesto Predsjednika iz bilo kojeg razloga ostane upražnjeno, Odbor guvernera će, u skladu sa odredbom stava 1 ovog Članka, izabrati nasljednika za četiri (4) godine.

3. Predsjednik neće glasovati, osim u slučaju jednakog broja glasova kada on ili ona moga dati odlučujući glas. On ili ona mogu sudjelovati na, sastancima Odbora guvernera i predsjedat će sastancima Odbora direktora.

4. Predsjednik će biti legalni (zakonski) zastupnik Banke.

5. Predsjednik će biti šef osoblja Banke. On ili ona bit će odgovorni za organizaciju, imenovanja i otpuštanja službenika i osoblja u skladu s propisima koje je usvojio Odbor direktora. U imenovanju službenika i osoblja, on ili ona će ovisno o ogromnoj važnosti sposobnosti i tehničke koinpetencije, obratiti pozornost na regrutiranje po širokoj geografskoj osnovi, između Članica Banke.

6. Predsjednik će rukovoditi, pod nadzorom Odbora direktora, tekućim poslovanjem Banke.

1. Jedan ili više potpredsjednika imenovat će Odbor direktora na preporuku Predsjednika. Potpredsjednik će biti na dužnosti, vršiti takvu vlast i obavljati takve funkcije u upravljanju Bankom, koliko odredi Odbor direktora. U odsutnosti ili nesposobnosti Predsjednika, potpredsjednik će vršiti i obavljati funkcije Predsjednika.

2. Potpredsjednik može sudjelovati u sastancima Odbora direktora ali nema pravo glasa na tim sastancima, osim što u slučajevima kada za.mjenjuje Predsjednika on ili ona mogu dati odlučujući glas.

1. Banka neće prihvatiti specijalna sredstva ili druge zajmove ili pomoći koji bi mogli na bilo koji način biti na štetu, skrenuti ili na drugi način promijeniti njezine ciljeve i funkcije.

2. Banka, njezin Predsjednik, potpredsjednik(ci), službenici i osoblje će u svojim odlukama uzeti u obzir samo razmatranja koja imaju veze sa ciljevima, funkcijama i djelovanjem Banke, kao što je rečeno u Sporazumu. Takvo razmatranje bit će nepristrano odvagano da bi se dostigli i izvršili ciljevi i funkcije Banke.

3. Predsjednik, potpredsjednik(ci), službenici i osoblje Banke, u obavljanju svog posla, duguju posao samo Banci, niti jednoj drugoj vlasti. Svaki Član banke cijenit će međunarodni karakter svog posla i suzdržavat će se od svih pokušaja da se na njih djeluje pri obavljanju svojih dužnosti.

1. Glavni ured Banke mora biti smješten u Londonu. 2. Banka može osnovati agencije ili podružnice na teritoriji svakog Člana Banke.

1. Svaki Član će imenovati svoju centralnu banku, ili drugu takvu instituciju s kojom se Banka može složiti, kao mjesto pohrane (spremištaj za sve valute i ostalu imovinu koju banka posjeduje.

2. Svaki će Član imenovati odgovarajuću poslovnu cjelinu s kojom će Banka moći komunicirati i to u svezi s bilo kojom stvari proizašlom iz ovog Sporazuma.

1. Banka će izdavati godišnje izvještaje koji će sadržavati izjavu revizora o njezinim računima i slat će članovima u intervalima od tri (3) mjeseca ili manjim, zbirnu izjavu svojih financijskih pozicija i najavu o profitu i gubitku koji pokazuju rezultate njezinog djelovanja. Financijski račun bit će izražen u ECU-ima.

2. Banka će godišnje izvještavati o utjecaju njenih aktivnosti na okolinu, i može izdavati i druge slićne izvještaje koje smatra poželjnim za unapređenje svojih ciljeva.

3. Kopije svih izvještaja, izjava i publikacija koje su navedene u ovom članku bit će raspodijeljene članovima.

1. Odbor guvernera će odrediti barem jednom godišnje koji dio dohotka Banke, nakon odredivanja zalihe za rezerve i, ako je potrebno, protiv mogućih gubitaka što je navedeno u stavu 1 članku 17 ovog Sporazuma, dodijeljen kao višak ili s nekim drugim ciljem, a koji dio, ako ga ima, će biti raspodijeljen. Svaka takva odluka o dodjeljivanju dohotka Banke za druge svrhe mora biti donesena većinom od dvije trećine guvernera, koji predstavljaju dvije trećine ukupne glasačke snage članova.

Takvog dodjeljivanja i takve raspodjele neće biti sve dok iznos rezerve ne iznosi 10% ovlaštenog temeljnog kapitala.

2. Svaka raspodjela prema prethodnom stavu blt će napravljena u proporciji s brojem uplaćenih dionica koje ima pojedini član; osiguravajući da u izračunavanju tog broja u obzir budu uzeta samo plaćanja primljena u novcu i mjenicama unovčenim u ili prije kraja te relevantne financijske godine.

3. Plaćanja svakom članu morat će se vršiti na taj način kako odredi Odbor guvernera. Takva plaćanja i njihova upotreba od strane zemalja koje ih primaju, moraju biti bez ograničerija od strane bilo kojeg člana.

1. Svaki član se može povući iz Banke u svako vrijeme, tako da preda pismeno obavijest u glavni ured Banke.

2. Povlaćenje od strane člana može postati punosnažno, i njegovo članstvo će prestati, na dan označen u njegovoj obaviješti, ali nikako manje od šest (6) mjeseci nakon što takva obavijest bude primljena Banci. Ipak, u svako vrijeme, prije no što povlačenje postane punosnažno, član može pismeno obavijestiti Banku o storniranju svoje obavijesti kojom se namjeravao povući.

1. Ako član ne ispuni neke od svojih obaveza prema Banci, Banka može suspendirati njegovo članstvo odlukom većine koju čine dvije trećine guvernera, član koji je tako suspendiran, automatski će prestati biti član na godinu dana od datuma njegove suspenzije, osim ako se tom istom odlukom jednakom većinom Član ne vrati u puno Članstvo.

2. Dok traje suspenzija, član neće imati nikakvo pravo prema ovom Sporazumu, osim prava da se povuče, ali će i dalje ostati subjektom za sve svoje obveze.

1. Nakon dana s kojim Član prestaje biti Članom, takav prijašnji član ostaje odgovoran za svoje izravne obveze prema Banci i za svoje eventualne odgovornosti prema Banci sve dok je bito koja strana u zajmovima, ulaganju kapitala i garancijama koji su zaključeni prije nego što je prestao bitiČlanom nenamirena: ali će prestati obveze u odnosu na zajmove, kapitalna ulaganja i garancije u koje je Banka ušla nakon toga, i u odnosu na podjelu i prihoda i gubitaka Banke.

2. U času kada Član prestaje biti članom Banke, Banka će srediti da od takvog prijašnjeg člana otkupi dionice kao dio namirenja računa s takvim prijašnjim članom u skladu s odredbama ovog članka. S tim ciljem, cijena otkupa dio I nica bit će po vrijednosti koju pokazuju bankovne knjige na dan prestanka članstva, s originalnom otkupnom cijenom svake dionice kao njezine najveće vrijednosti.

3. Prema ovom članku, plaćanje otkupljenih dionical provodit će se prema slijedećim uvjetima:

(i) svaki iznos duga prema prijašnjem članu za njegove dionice zadržat će se sve dok taj prijašnji član, njegova centralna banka ili bilo koja njegova agencija ili posredništvo, kao pozajmljivači i garanti, ostane dužan Banci i takav se iznos može, po slobodnom izboru Banke primijeniti na bilo koju dospjelu obvezu. Niti jedan iznos ne može biti uskraćen zbog dugovanja prijašnjeg člana koji proizlazi iz njegovog upisa dionica u skladu sa stavom 4, 5 i 7 članka 6 ovog Sporazuma. U svakom slučaju, niti jedan iznos duga prema Članu za njegove dionice ne može biti plaćen prije nego prođe šest (6) mjeseci od datuma kada je Član prestao biti članom;

(ii) Plaćanje dionica može se vršiti od vremena do vremena, sve dok ih prijašnji član ne preda, do opsega u kojem suma koja je dospjela kao cijena otkupljenih dionica u skladu sa stavom 2 ovog članka premašuje ukupnu svotu dugovanja po zajmovirna, kapitalnim ulaganjima i garancijama u podstavu (i) ovog stava sve dok prijašnji član ne primi punu cijenu otkupljenih dionica,

(iii) plaćanje će se vršiti pod takvim uvjetima i u onoj potpuno konvertibilnoj valuti ili ECU-ima, i u tim rokovima koje utvrdi Banka; i

(iv) ako se gubici Banke po osnovi garancija, udjela u zajmovima i zajmova koji su nenamireni ne prekinu do datuma kada je član prestao biti članom, ili ako se ne prekine čisti gubitak Banke po osnovi kapitalnih ulaganja koja ona ima tog dana, i iznos takvih gubitaka premašuje iznos osiguranih rezervi protiv gubitaka na dan kada član prestane biti članom, taj prijašnji član mora vratiti, ako se traži, iznos za koji će biti umanjena cijena njegovih otkupljenih dionica, ako su ti gubici uzeti u obzir kada se utvrđuje cijena otkupljenih dionica. Prema tome, prijašnji član ostaje obvezan na svaki poziv za neplaćene upisane (sc. dionice) po stavku 4 članka s ovog Sporazuma, sve do stupnja kad se traži da se odazove ako dode do slabljenja kapitala i bit će pozvan kada se odredi otkupna cijena njegovih dionica.

4. Ako Banka završi svoje djelovanje u skladu s člankom 41 ovog Sporazuma u okviru šest (6) mjeseci od dana kada je neki član prestao biti članom, sva prava takvih prijašnjih članova bit će utvrđena u skladu s odredbama članka 41 do 43 ovog Sporazuma.

U slučaju potrebe, Odbor direktora može privremeno suspendirati djelatnosti iz obzira prema novim zajmovima, garancijama, osiguranjima, tehničkoj pomoći i kapitalnim ulaganjima za vrijeme kada Odbor guvernera ima priliku za daljnje proučavanje i djelovanje.

Banka može završiti svoje djelovanje potvrdnim glasovima dvije trećine guvernera, koji predstavljaju tri četvrtine ukupne glasačke snage Članova. Na kraju djelovanja, Banka će odmah obustaviti sve aktivnosti, osim onih koje prate redovitu realizaciju, zaštitu i čuvanje njezine imovine i namirenje njezinih obveza.

1. U slučaju završetka djelovanja Banke, odgovornost svih članova za nepozvane upise temeljnog kapitala Banke će se nastaviti sve dok sva potraživanja kreditora, uključujući i sva eventualna potraživanja ne isplate.

2. Kreditori običnih djelatnosti koji imaju direktna potraživanja bit će prvo isplaćeni iz imovine Banke, drugo iz potraživanja Banke s osnova neuplaćenih plaćenih dionica, i na kraju iz potraživanja Banke s osnova otkazivih dionica temeljnog kapitala. Prije bilo kakve isplate kreditorima koji imaju direktna potraživanja, Odbor direktora će, po svojoj prosudbi, napraviti takvu nagodbu koja je potrebna za osiguranje, pro rata podjele između imatelja direktnih i imatelja uvjetovanih potraživanja.

1. Prema ovom Poglavlju neće biti nikakve raspodjele članovima s osnove njihovog upisa u temeljni kapital Banke sve dok:

(i) nisu namirena i osigurana sva dugovanja prema kreditorima; i

(ii) Odbor guvernera glasovanjem dvije trećine guvernera, od tri četvrtine ukupne glasačke snage članova ne odluči da se napravi raspodjela.

2. Svaka raspodjela imovine Banke članovima, mora biti u proporciji s temeljnim kapitalom koji posjeduje svaki član i treba biti izvršena u vrijeme i po uvjetima koje će Banka smatrati opravdanima i pravednima.

Raspodijeljene dionice imovine ne moraju biti uskladene s tipom imovine. Niti jedan član nema pravo primiti svoje dionice u takvoj raspodjeli imovine sve dok nije podmirio sve svoje obveze prema Banci.

3. Svaki član koji prima raspodijeljenu imovinu prema ovom članku, uživa ista prava u odnosu na tu imovinu kao što je Banka imala prioritet raspodjele imovine njima.

Da bi se omogučilo Banci ispunjenje svoga cilja i djelatnosti koje su joj povjerene, status, imunitet, povlastice i izuzeci navedeni u ovom poglavlju trebaju se dodijeliti banci na teritoriju svake zemlje članice.

Banka mora posjedovati punu zakonsku osobnost i, posebno, punu zakonsku ovlaštenost:

(i) ugovarati;

(ii) steći i raspolagati nepokretnom i pokretnom imovinom: i

(iii) utvrditi zakonske postupke.

Radnje protiv Banke mogu se donijeti samo na nadležnom sudu na teritoriju zemlje u kojoj Banka ima ured, ako je imenovala zastupnika u svrhu prihvačanja obavijesti ili obznane postupka, ili ako je izdala ili garantirala vrijednosnice.

Nikakve radnje, ipak, ne mogu donijeti članovi ili zastupnici zbog ili proizlazeći iz potraživanja koja potiču od članova. Vlasništvo I imovina Banke, bez obzira gdje se nalaze i bez obzira tko ih posjeduje, moraju biti izuzeti od svih oblika otimanja, pripojenja ili zapljene prije donošenja konačne presude protiv Banke.

Vlasništvo i imovina Banke, bez obzira gdje se nalazili i bez obzira tko ih posjeduje, moraju biti zaštićeni od pretresa, rekvizicije, konfiskacije, eksproprijacije i svih drugih oblika zapljene izvršnim i zakonodavnim radnjama.

Arhiva banke, i uopće svi dokumenti koji joj pripadaju ili ih ona posjeduje, moraju biti nepovredivi.

Po stupnju potrebnom za izvršenje cilja i djelovanja Banke i prema odredbama ovog Sporazuma, svo vlasništvo i imovina Banke mora biti oslobođena ograničenja, propisa, kontrola i moratorija bilo koje vrste.

Službena priopćavanja Banke bit će jednaka u odnosu na svakog pojedinog člana kao i za sve ostale Članove.

Svi guverneri, direktori, zamjenici, službenici i djelatnici Banke i stručnjaci koji obavljaju svoj poziv moraju biti zaštićeni od zakonskih postupaka s obzirom na radnje koje su izvršili u okviru službenih ovlasti, osim kada se Banka odrekne tog imuniteta, i uživat će u nepovredivosti svih službenih spisa i dokumenata. Ovaj imunitet se ne odnosi, dakako, na građanske odgovornosti u slučaju štete nastale u prometnoj nesreći na cesti koju je uzrokovao bilo guverner, direktor, zamjenik, službenik, djelatnik ili stručnjak.

1. Svi guverneri, direktori, zamjenici, službenici i djelatnici Banke, kao i stručnjaci Banke koji obavljaju posao Banke:

(i) ako nisu lokalno stanovništvo, mora im se pružiti isti imunitet od ograničenja useljenja, zahtjeva za registraciju stranih državljana i obveza državnom uredu, i iste olakšice što se tiču promjene propisa kao što su članovi pružili predstavnicima, službenim osobama i zaposlenima u rangu koji se može usporediti s rangom drugih članova;

(ii) mora im se osigurati isti tretman s obzirom na putne usluge kao što su članovi pružili predstavnicima, službenicirria i djelatnicima u rangu koji se može usporediti s rangom drugih članova.

2. Suprugama i onim koji su neposredno ovisni o direktorima, zamjenicima direktora, službenicima, djelatnicima i strućnjacima Banke, koji su stanovnici zemlje u kojoj se nalazi glavni ured Banke, će se pruiiti mogućnost zaposlenja u dotičnoj zemlji. Suprugama i onima koji su neposredno ovisni o direktorima, zamjenicima direktora, službenicima, djelatnicima i stručnjacima Banke koji su stanovnici zemlje u kojoj se nalazi neka agencija ili podružnica Banke, trebaju kad god je to moguće u skladu s zakonom koji je na snazi u toj zemlji, pružiti sličnu mogućnost u dotičnoj zemlji. Banka treba sklopiti specifične sporazume, kojima se izvršavaju odredbe ovog stavka, sa zemljom u kojoj se nalazi glavni ured Banke, i ako joj odgovara s drugim zainteresiranim zemljama.

1. Unutar djelokruga njezinih službenih djelatnosti Banka, njezina imovina, vlasništvo i prihod bit će izuzeti od svih direktnih poreza.

2. Kada su kupovine usluga velike vrijednosti i robe široke potrošnje učinjene ili upotrijebljene za Banku za, vršenje službenih djelatnosti Banke i kada cijena takvih kupovina ukljućuje porez ili carine, član koji podliježe porezima ili carinama će, ako su odredivi, poduzeti odgovarajuće mjere za odobrenje izuzeća od takvih poreza ili carina ili za osiguranje naknada.

3. Dobra i robu široke potrošnje koju Banka uveze za vršenje svojih službenih djelatnosti bit će izuzeta od svih uvoznih carina i poreza, i od svih uvoznih zabrana i ograničenja. Slično, dobra i roba široke potrošnje koje Banka izvozi za vršerije svojih službenih djelatnosti bit će izuzeta od svih izvoznih carina i poreza, i od svih izvoznih zabrana i ograničenja.

4. Dobra dobivena ili uvezena i izuzeta prema ovom članku ne smiju biti prodana, iznajmljena, posušena ili data bez plaćanja ili bez naplate, osim u skladu sa uvjetima koje postave članovi a prema kojima se dozvoljavaju izuzeća ili refundiranja.

5. Odredbe ovog članka ne odnose se na poreze i carine koje se plaćaju u korist sektora javnih usluga.

6. Direktori, zamjenici direktora, službenici i djelatnici Banke bit će podložni unutrašnjim postojećim porezima u korist Banke na plaće i prihode plaćene od Banke, prema uvjetima koje će odrediti i pravilima koje će usvojiti Odbor guvernera u periodu od godine dana od dana stupanja na snagu ovog Sporazuma. Od dana od kojeg se ovaj porez primjenjuje, sve plaće i prihodi će biti izuzeti od nacionalnog poreza na dohodak. Članovi mogu, ipak, tako uzete u obzir plaće i primanja izuzeti pri određivanju sume poreza koja će se odrediti na prihod iz drugih izvora.

7. Usprkos odredbama stavka 6. ovog članka član može položiti, putem svojih instrumenata ratifikacije, prihvaćanja ili odobravanja, izjavu po kojoj taj član zadržava za sebe, za svoju državnu preraspodjelu ili svoje lokalne vlasti pravo oporezivanja plaće i primanja koje je Banka platila Građanima ili državljanima tog člana. Banka je poštedena svake obveze plaćanja, zadržavanja ili prikupljanje takvih poreza. Banka neće odobravati refundiranje za takve poreze.

8. Stavak 6. ovog članka ne može se primijeniti na mirovine i rente koje plaća Banka.

9. Niti jedan porez bilo koje vrste ne može se ubirati niti po jednoj obvezi ili izdanoj vrijednosti koju je Banka izdala, uključujući svaku dividendu ili kamatu, bez obzira tko je posjeduje:

(i) koji pravi razliku prema obveznici ili vrijednosnici samo zato jer ju je izdala Banka, ili

(ii) ako je jedinstven pravni temelj za takvo oporezivanje, mjesto i valuta u kojoj su izdane, mogu se platiti ili su plaćene ili mjesto bilo kojeg ureda ili mjesta obavljanja posla Banke.

10. Porez bilo kakve vrste neće se ubirati na bilo koje obveznice i vrijednosnice za koje garantira Banka, uključujući dividendu ili kamatu, bez obzira tko je posjeduje:

(i) koji razlikuje obveznice ili vrijednosnice samo zato što za njih garantira Banka; ili

(ii) ako je jedinstveni pravni temelj za takvo oporezivanje smještaj ureda; mjesto obavljanja posla Banke.

Svaki Član će odmah poduzeti potrebne postupke u svrhu primjene odredbi ovog Poglavlja i obavijestiti Banku o detaljima postupaka koje je poduzeo.

Imunitet, privilegije i iznimke priznate u ovom Poglavlju odobrene su u interesu Banke. Odbor direktora može odricati od određenog stupanja i pod takvim uvjetima i odricati bilo kakav imunitet, privilegiju i iznimku priznatih u ovom Poglavlju u slučajevima kada bi takav postupak bio, i po njihovom mišljenju, odgovarajući najboljem interesu banke. Predsjednik će imati pravo i dužnost odricati se bilo kakvog imuniteta, privilegije ili iznimke što se tiče bilo kojeg službenika, djelatnika ili stručnjaka Banke, bilo Predsjednik ili Potpredsjednik; gdje, po njegovom ili njezinom mišljenju imunitet, privilegija ili iznimka može utjecati na objektivnost i može se odricati bez utjecaja na interese Banke. U sličnim okolnostima i pod istim uvjetima, Odbor direktora će imati pravo i dužnost odricati svaki imunitet, privilegiju ili iznimku što se tiče Predsjednika i svakog potpredsjednika.

1. Svaki prijedlog dopune ovog Sporazuma, bilo da dolazi od člana, guvernera ili Odbora direktora, bit će prenijeti Predsjedatelju Odbora guvernera koji će iznijeti prijedlog pred taj Odbor. Ako se iznijeta dopuna odobri na Odboru Banka će, najbržim sredstvima priopćavanja, pitati prihvaćaju li predloženu dopunu. Ako se najmanje tri četvrtine članova uključujući najmanje dvije zemlje Središnje i Istoćne Europe navedene u Dodatku A, imajući najmanje četiri petine ukupne glasaćke snage članova, prihvate dopunu, Banka će potvrditi činjenicu službenim priopćenjem upućenim svim Članovima.

2. Usprkos stavku i. ovog članka:

(i) prihvaćanje od svih članova tražit će se u slućaju ako se ijedna dopuna mijenja:

(a) pravo povlaćenja iz Banke;

(b) prava koja se odnose na kupovanje temeljnog kapitala pod uvjetima u stavku 3. članka 5. ovog Sporazuma;

(c) ogranićenja odgovornosti pod uvjetima u stavku 7. članka 5. ovog Sporazuma;

(d) cilj i funkcije Banke određene u članku 1. i 2, ovog Sporazuma;

(ii) prihvaćanje sa najmanje tri četvrtine članova koji imaju najmanje osamdeset pet (85) posto ukupne glasačke snage članova zahtijevat će se u slučaju dopune koja mijenja stavak 4. članka 8. ovog Sporazuma.

Kada zahtjevi za prihvaćanje takvih predloženili dopuna stignu, Banka će potvrditi tu činjenicu formalnim priopćenjem upućenim svim članovima.

3. Dopune će biti pravosnažne za sve članove tri (3) mjeseca poslije datuma formalnog priopćenja pod uvjetima iz stavka 1. i 2. ovog članka osim ako Odbor guvernera ne odredi drugačije razdoblje.

1. Pitanje tumačenja ili primjene odredbi ovog Sporazuma nastaang između bilo kojeg člana i Banke, ili između članova Banke, bit će predočen Odboru direktora na njegovu odluku. Ako u Odboru nema direktora njihove nacionalnosti, član osobno zainteresiran pitanjem koje se razmatra imat će pravo na izravno predstavljanje na sastanku Odbora direktora tijekom tog razmatranja. Predstavnik tog člana, ipak, neće glasati. Takvo pravo predstavljanja odredit će Odbor direktora.

2. U svakom slučaju u kojem Odbor direktora donese odluku prema stavu 1 ovog članka, svaki član može tražiti da se to pitanje postavi pred Odbor guvernera, čija odluka će biti konaćna. Za vrijeme odlučivanja Odbora guvernera, Banka može, sve dok joj se to čini nužnim, djelovati na temelju odluke Odbora direktora.

Ako spor nastane između Banke i člana koji je prestao biti članom, ili između Banke i bilo kojeg člana nakon prihvaćanja odluke o ograničenju djelovanja Banke, takav spor bit će iznijet pred arbitražu od tri (3) suca, jednog imenovanog od Banke, drugog od zainteresiranog člana ili bivšeg člana, i treći, osim ako se strane drugačije dogovore, od Predsjednika Međunarodnog suda pravde ili drugog uglednika što moie biti propisano odredbama prihvaćenim od Odbora guvernera. Većina glasova sudaca bit će dostatna za donošenje odluke koja će biti konačna i obavezujuća za sve strane. Treći sudac imat će sve ovlasti za rješavanje svih pitanja procedure u svakom slućaju u kojem su strane u sporu i s obzirom na to.

Kad god je odobrenje ili priznanje bilo kojeg člana potrebno prije no što Banka može donijeti bilo koji čin, osim prema članku 56 ovog Sporazuma, odobrenje ili primanje smatrat će se danim osim ako Član predoći primjedbu u razumnom roku u kojem Banka može obavijestiti Člana koji je predložio taj akt.

1. Ovaj Sporazum, pohranjen kod Vlade Republike Francuske (u daljnjem tekstu "Depozitar") ostat će otvoren do 31. prosinca 1990. za potpis mogućih članova čija imena su navedena u Dodatku A ovog Sporazuma.

2. Depozitar će poslati ovjerenu kopiju ovog Sporazuma svim Potpisnicima.

1. Sporazum će biti predmet ratifikacije, prihvaćanja ili odobravanja Potpisnika. Instrumenti ratificiranja, prihvaćanja ili odobravanja, prema stavu 2 ovog članka, bit će položeni kod Depozitara ne poslije 31. ožujka 1991. Depozitar će pravovremeno izvijestiti Potpisnike o svakom pologu i danu polaganja.

2. Svaki Potpisnik može postati strana ovog Sporazuma polaganjem instrumenta ratificiranja, prihvaćanja ili odobravanja sve do jedne godine poslije dana njegovog stupanja na snagu ili, ako je potrebno, sve do kasnijeg dana o kojem može odlučiti dećina guvernera, predstavljajući većinu ukupne većine snage članova.

3. Potpisnik čiji je instrument prema stavu 1 ovog članka položen prije dana stupanja na snagu ovog Sporazuma postat će članom Banke na taj dan. Svaki drugi potpisnik koji odgovara odredbama prethodnog stava postat će član Banke danom polaganja njegovog instrumenta ratifikacije, prihvaćanja ili odobravanja.

1. Ovaj Sporazum stupit će na snagu kada budu položeni instrumenti ratifikacije, prihvaćanja ili odobravanja Potpisnika čiji početni upisi predstavljaju ne manje od dvije trećine ukupnih upisa navedenih u dodatku A, uključujući najmanje dvije zemlje Središnje i Istoćne Europe navedenih u dodatku A.

2. Ako Sporazum ne stupi na snagu do 31. ožujka 1991. Depozitar može sazvati sastanak zainteresiranih budućih članova o novom datumu do kojeg će biti položeni instrumenti ratifikacije, prihvaćanja ili odobravanja.

1. Čim ovaj Sporazum stupi na snagu prema članku 62 ovog Sporazuma, svaki Član će imenovati guvernera. Depozitar će sazvati prvi sastanak Odbora guvernera u roku od šezdeset (60) dana od dana stupanja na snagu ovog Sporazuma prema Članku 62 ili što je prije moguće zatim,

2. Na svom prvom sastanku, Odbor guvernera će:

(i) izabrati Predsjednika;

(ii) izabrati Direktore Banke u skladu sa člankom 26 ovog Sporazuma;

(iii) izvršit će pripreme za odredivanje dana poćetka djelovanja Banke; i

(iv) izvršit će sve ostale pripreme koje se pokažu neophodnim za početak djelovanja Banke.

3. Sanka će obavijestiti svoje članove o danu početka svojeg djelovanja.

Sastavljeno u Parizu 29. svibnja 1990. u jednom primjerku, čiji engleski, francuski, njemački i ruski tekstovi su jednako autentični, koji će biti položeni u arhivama Depozitara koji će pravovremeno prenijeti ovjerenu kopiju svakom budućem članu čija imena su navedena u Dodatku A.

DODATAK B

ODJELJAK A - IZBOR DIREKTORA OD GUVERNERA KOJI PREDSTAVLJAJU BELGIJU, DANSKU, FRANCUSKU, SAVEZNU REPUBLIKU NJEMAČKU, GRČKU, IRSKU, ITALIJU, LUKSEMBURG, NIZOZEMSKU, PORTUGAL, ŠPANJOLSKU, UJEDINJENO KRALJEVSTVO, EUROPSKU EKONOMSKU ZAJEDNICU I EUROPSKU INVESTICIJSKU BANKU (U DALJNJEM TEKSTU U OVOM ODJELJKU "GUVERNERI")

1. Odredbe izložene niže u ovom Odjeljku odnose se isključivo na ovaj Odjeljak.

2. Kandidate za mjesto direktora odabrat će guverneri iz Odjeljka A, s tim da svaka guverner može odabrati samo jednu osobu. Guverneri iz Odjeljka A birat će direktore glasovanjem.

3. Svaki guverner sposoban za glasovanje ima pravo glasovati za jednu osobu svim glasovima člana koji ga/ju je izabrao prema stavu 1 i 2 članka 29 ovog Sporazuma.

4. Prema stavku 10 ovog Odjeljka, 11 osoba koje dobiju najveći broj glasova bit će direktori, osim što ni jedna osoba koja dobije manje od 4,5 posto ukupno raspoloživih glasova iz Odjeljka A neće se smatrati izabranom.

5. Prema stavku 10 ovog Odjeljka, ako 11 osoba nije izabrano u prvom glasovanju, održat će se drugo glasovanje, u kojem, osim ako nema više od 11 kandidata, se neće glasovati za osobu koja je dobila najmanji broj glasova i u kojem će se glasovati samo:

(a) guverneri koji su u prvom glasovanju glasovali za neizabrane osobe i

(b) guverneri čiji se glasovi za izabrane osobe srtatraju prema stavu 6 i 7 ovog Odjeljka prikupljenim za osobe koje su dobile 5,5 posto raspoloživih glasova.

6. U odlučivanju da li je broj danih glasova guvernera u ukupnom broju glasova za pojedinu osobu iznad 5,5 posto raspoloiivih glasova, smatrat će se da 5,5 posto uključuje, prvo, glasove guvernera koji je dao najveći broj glasova toj osobi, zatim glasovi guvernera koji je dao drugi najveći broj glasova i tako dalje, sve dok se ne dostigne 5,5 posto.

7. Svaki guverner, čiji dio glasova se mora brojati u ciIju skupljanja ukupnog broja danih glasova za svaku osobu iznad 4,5 posto smatrat će se da je glasao svim svojim glasovima za tu osobu, čak i ako ukupan broj glasova za tu osobu premaši 5,5 posto i neće moći glasovati u daljem glasovanju.

8. Prema stavu 10 ovog Odjeljka, ako, nakon drugog glasovanja, 11 osoba, nije izabrano, daljnje glasovanje će biti provedeno u skladu s principima i postupcima navedenim u ovom Odjeljku, sve dok 11 osoba ne bude izabrano, osiguravajući da, ako u bilo kom trenutku 10 osoba bude izabrano, usprkos odredbi u stavu 4 ovog Odjeljka, jedanaesti može biti izabran prostom većinom preostalih glasova.

9. U slučaju povećanja ili smanjenja Članova direktora biranih od guvernera iz Odjeljka A, minimum i maksimum postotaka navedenih u stavovima 4, 5, 6 i 7 ovog Odjeljka bit će odgovarajuće prihvaćen od Odbora guvernera.

10. Sve dok bilo koji Potpisnik, ili grupa Potpisnika, čiji dio ukupno upisanog kapitata navedenog u Dodatku A iznosi više od 2,4 posto, nije položio svoje instrumente ili njihove instrumente ratifikacije, odobravanja ili prihvaćanja, neće biti izabran jedan direktor za svakog takvog Potpisnika ili grupu Potpisnika. Guverner ili guverneri predstavnici takvog Potpisnika ili grupe Potpisnika izabrat će direktora u interesu svakog Potpisnika ili grupe Potpisnika, odmah nakon što Potpisnik postane član ili nakon što grupa Potpisnika postane članom. Takav direktor smatrat će se izabranim na uvodnom sastanku Odboru guvernera, u skladu sa stavom 3 članka 26 ovog Sporazuma, ako on ili ona je izabran/a u periodu u kojem djeluje prvi Odbor direktora.

ODJELJAK B - IZBOR DIREKTORA OD GUVERNERA KOJI PREDSTAVLJAJU DRUGE ZEMLJE

Odjeljak B (iz Izbor direktora od guvernera koji predstavljaju zemlje navedene u Dodatku A kao zemlje Središnje i Istočne Europe (zemlje primateljice) (u daljem tekstu "guverneri Odjeljka B (i)")

1. Odredbe izložene niže u ovom Odjeljku odnosit će se iskljućivo na ovaj Odjeljak.

2. Kandidate za mjesto direktora izabrat će guverneri Odjeljka B(i) na način da svaki guverner može izabrati samo jednu osobu. Izbor direktora vršit će glasovanjem guverneri Odjeljka B(i).

3. Svaki guverner sposoban za glasovanje dat će jednoj osobi sve glasove na koje ima pravo član koji ga/ju je izabrao prema stavku 1 i 2 članka 29 ovog Sporazuma.

4. Prema stavu 10 ovog Odjeljka, 4 osobe koje dobiju najveći broj glasova bit će direktori, osim što se osobe koje ne budu skupile više od 12 posto danih glasova (raspoloživih glasova) neće smatrati izabranim.

5. Prema stavu 10 ovog Odjeljka, ako 4 osobe nisu izabrane u prvom glasovanju, održat će se drugo glasovanje u kojem, osim ako ima samo 4 kandidata, osoba koja dobije najmanji broj glasova u prvom glasovanju neće ući u glasovanje i u kojem će glasovati samo:

(a) guverneri koji su u prvom glasovanju glasovali za osobe koje nisu izabrane i

(b) guverneri čiji se glasovi za izabrane osobe smatraju prema stavu 6 i 7 ovog Odjeljka prikupljenim za osobe koje su dobile 13 posto raspoloživih glasova.

6. U određivanju da li se glasovi dani od guvernera smatraju prikupljenim do ukupno danih više od 13 posto raspoloživih glasova za svaku osobu, smatrat će se da 13 posto glasova uključuje, prvo, glasove guvernera koji je dao najveći broj glasova toj osobi, zatim glasovi guvernera koji je dao slijedeći najveći broj i tako dalje, sve dok se ne dostigne 13 posto.

7. Svaki guverner, dio čijih glasova mora biti pribrojan u svrhu skupljanja ukupno danih glasova iznad 12 posto za jednu osobu, smatrat će se da je dao sve njegove/njezine glasove toj osobi, čak i ako ukupan broj glasova toj osobi tako prijede 13 posto i neće moći glasati u daljnjem glasovanju.

8. Prema stavu 10 ovog Odjeljka, ako, nakon drugog glasovanja 4 osobe nisu izabrane, daljnje glasovanje održat će se u skladu s principima i postupcima navedenim u ovom Odjeljku, sve dok 4 osobe ne budu izabrane, osiguravajući da, ako u bilo kojem trenutku tri osobe budu izabrane, usprkos odredbama stava 4 ovog Odjeljka četvrti može biti izabran običnom većinom preostalih glasova.

9. U slučaju povećanja ili smanjenja broja direktora iza.branih od guvernera Odjeljka B (i), minimum i maksimum postotaka određenih u stavovima 4, 5, 6 i 7 ovog Odjeljka bit će odgovarajuće prihvaćeni od Odbora guvernera.

10. Sve dok Potpisnik, ili grupa Potpisnika, ćiji dio ukupno upisanog kapitala navedenim u Dodatku A iznosi više od 2,8 posto, nije položio svoj instrument ili svoje instrumente ratifikacije, odobravanja ili prihvaćanja, neće biti izabran direktor za svakog takvog Potpisnika ili grupe Potpisnika. Guverner ili guverneri predstavljajući takvog Potpisnika ili grupu Potpisnika izabrat će direktora za svakog takvog Potpisnika ili grupu Potpisnika, odmah nakon što Potpisnik postane članom ili grupa Potpisnika postane članom. Takav direktor smatrat će se izabranim od Odbora guvernera na njihovom nastupnom sastanku, u skladu sa stavkom 3 članka 26 ovog Sporazuma, ako je on ili ona izabran/a u periodu u kojem djeluje prvi Odbor direktora. ODJELJAK B (ii) - Izbor direktora od guvernera koji predstavljaju zemlje navedene u Dodatku A kao druge europske zemlje (u daljem tekstu kao "guverneri Odjeljka B (ii)").

1. Odredbe izložene niže u ovom Odjeljku odnose se isključivo na ovaj Odjeljak.

2. Kandidate za mjesto direktora izabrat će guverneri Odjeljka B (ii), s tim da svaki guverner može odabrati samo jednu osobu. Guverneri Odjeljka B (ii) odabrat će direktore glasovanjem.

3. Svaki guverner sposoban za glasovanje može dati sve glasove člana koji ga je izabrao i na koje taj Član ima pravo prema stavu 1 i 2 članka 29 ovog sporazuma.

4. Prema stavu 10 ovog Odjeljka, 4 osobe koje dobiju najveći broj dobivenih glasova bit će direktori, osim što osobe koje prime manje od 20.5 posto raspoloživih glasova u odjeljku B (ii) neće se smatrati izabranim.

5. Prema stavku 10 ovog Odjeljka, ako 4 osobe nisu izabrane u prvom glasovanju, održat će se drugo glasovanje u kojem, osim ako ima samo 4 kandidata, osoba koja dobije najmanji broj glasova neće ući u glasovanje i u kojem će glasovati samo

(a) guverneri koji su u prvom glasovanju glasovali za osobu koja nije izabrana i

(b) guverneri čiji se glasovi za izabranu osobu smatraju prema stavu 6 i 7 ovog Odjeljka prikupljenim za osobe koje su dobile 21,5 posto raspoloživih glasova.

6. U odredivanju da li se glasovi dani od guvernera . smatraju prikupljenim do ukupno danih 21,5 raspoloživih glasova za svaku osobu, smatrat će se da 21.5 posto glasova uključuje, prvo, glasove guvernera koji je dao najveći broj glasova toj osobi, zatim glasovi guvernera koji je dao slijedeći najveći broj i tako dalje, sve dok se ne dostigne 21,5 posto.

7. Svaki guverner, dio ćijih glasova mora biti pribrojan u svrhu skupljanja ukupno danih glasova iznad 20,5 posto za jednu osobu, smatrat će se da je dao sve njegove/njezine glasove toj osobi, čak i ako ukupan broj glasova toj osobi tako prijede 20,5 posto i neće moći glasovati u daljnjem glasovanju.

8. Prema stavu 10 ovog Odjeljka, ako, nakon drugog glasovanja 4 osobe nisu izabrane, daljnje glasovanje održat će se u skiadu s principima i postupcima navedenim u ovom Odjeljku, sve dok 4 osobe ne budu izabrane, osiguravajući da, ako u bilo kojem trenutku tri osobe budu izabrane, usprkos odredbama stava 4 ovog Odjeljka četvrti može biti izabran običnom većinom preostalih glasova.

9. U slučaju povećanja ili smanjenja broja direktora koje su izabrali guverneri Odjeljka B (ii), minimum i maksimum postotaka određenih u stavovima 4, 5, 6 i 7 ovog Odjeljka bit će odgovarajuće prihvaćeni od Odbora guvernera.

10. Sve dok Potpisnik, ili grupa Potpisnika, čiji dio ukupno upisanog kapitala navedenim u Dodatku A iznosi više od 2,8 posto, nije položio svoj instrument ili svoje instrumente ratifikacije, odobravanja ili prihvaćanja, neće biti izabran direktor za svakog takvog Potpisnika ili grupe Potpisnika. Guverner ili guverneri predstavljajući takvog Potpisnika ili grupu Potpisnika, izabrat će direktora za svakog takvog Potisnika ili grupu Potpisnika, odmah nakon što Potpisnik postane članom ili grupa Potpisnika postane članom. Takav direktor smatrat će se izabranim od Odbora guvernera na njihovom nastupnom sastanku, u skladu sa stavkom 3 članka 26 ovog Sporazuma, ako je on ili ona izabran/a u periodu u kojem djeluje prvi Odbor direktora.

Odjeljak B (iii) - Izbor direktora od guvernera koji predstavljaju države navedene u Dodatku A kao ne-europske zemlje (u daljnjem tekstu "guverneri Odjeljka B (iii)")

1. Odredbe izložene niže u ovom Odjeljku odnose se isključivo na ovaj Odjeljak.

2. Kandidate za mjesto direktora odabrat će guverneri Odjeljka B (iii), s tim da svaki guverner može odabrati samo jednu osobu. Guverneri iz Odjeljka B (iii) birat će direktore glasovanjem.

3. Svaki guverner sposoban za glasovanje ima pravo glasovati za jednu osobu svim glasovima člana koji ga/ju je izabrao prema stavku 1 i 2 članka 29 ovog Sporazuma.

4. Prema stavku 10 ovog Odjeljka, 4 osobe koje dobiju najveći broj glasova bit će direktori, osim što se ni jedna osoba koja odbije manje od 8 posto ukupno raspoloživih glasova iz Odjeljka B (iii) neće smatrati izabranom.

5. Prema stavu 10 ovog Odjeljka, ako 4 osobe nisu izabrane u prvom glasovanju, održat će se drugo glasovanje u kojem, osim ako nema više od 4 kandidata, se neće glasovati za osobu koja je dobila najmanji broj glasova i u kojem će glasovati samo:

(a) guverneri koji su u prvom glasovanju glasovali za neizabrane osobe i

(b) guverneri čiji se glasovi za izabrane osobe smatraju prema stavu 6 i 7 ovog Odjeljka prikupljenim za osobe koje su dobile 9 posto raspoloživih glasova.

6. U određivanju da li se glasovi dani od guvernera smatraju prikupljenim do ukupno danih više od 9 posto raspoloživih glasova za svaku osobu, smatrat će se da 9 posto glasova uključuje, prvo, glasove guvernera koji je dao najveći broj glasova toj osobi, zatim glasovi guvernera koji je dao slijedeći najveći broj glasova i tako dalje, sve dok se ne dostigne 9 posto.

7, Svaki guverner, dio čijih glasova mora biti pribrojan u svrhu skupljanja ukupno danih glasova iznad 8 posto za jednu osobu, smatrat će se da je dao sve njegovelnjezine glasove toj osobi, čak i ako ukupan broj glasova toj osobi tako prijede 9 posto i neće moći glasovati u daljnjem glasovanju.

8. Prema stavu 10 ovog Odjeljka, ako, nakon drugog glasovanja 4 osobe nisu izabrane, daljnje glasovanje održat će se u skladu s principima i postupcima navedenim u ovom Odjeljku, sve dok 4 osobe ne budu izabrane, osiguravajući da, ako u bilo kojem trenutku tri osobe budu izabrane, usprkos odredbama stava 4 ovog Odjeljka, četvrti može biti izabran običnom većinom preostalih glasova.

9. U slučaju povećanja ili smanjenja broja direktora izabranih od guvernera B (iii), minimum i maksimum postotaka određenih u stavovima 4, 5, 6 i 7 ovog Odjeljka bit će odgovarajuće prihvaćeni od Odbora guvernera.

10. Sve dok Potpisnik, ili grupa Potpisnika, čiji dio ukupno upisanog kapatala, navedenim u Dodatku A iznosi više od 5 pošto nije položio svoj instrument ili svoje instrumente ratifikacije; odobravanja ili prihvaćanja, neće biti izabran direktor za takvog Potpisnika ili grupe Potpisnika.

Guverner ili guvernerii predstavljajući takvog Potpisnika ili grupu Potpisnika izabrat će direktora za svakog takvog Potpisnika ili grupu Potpisnika, odmah nakon što Potpisnik postane članom ili grupa Potpisnika postane članovima. Takav direktor smatrat će se izabranim od Odbora guvernera na njihovom nastupnom sastanku, u skladu sa stavkom 3 članka 26 ovog Sporazuma, ako je on ili ona izabran/a u periodu u kojem djeluje prvi Odbor direktora.

Odjeljak C - Ugovori za izbor direktora koji predstavljaju zemlje koje nisu navedene u Dodatku A.

Ako Odbor guvernera odluči, u skladu sa stavkom 3 članka 26 ovog Sporazuma, povećati ili smanjiti opseg, ili revidirati sastav Odbora direktora, uzevši u obzir promjene u broju Članova Banke, Odbor guvernera mora prvi razmotriti da li su tom Dodatku potrebne Dopune i napraviti Dopune koje smatra potrebnima kao dio odluke.

Odjeljak D - Dodjeljivanje glasova

Svaki guverner koji ne sudjeluje u glasovanju na izboru ili čiji glas ne doprinosi izboru direktora po Odjeljlsu A ili Odjeljku B (i) ili Odjeljku B(ii) ili Odjeljku B(iii) ovog Dodatka, može dodijeliti glasove na koje ima pravo kod izbora direktora, da bi bilo sigurno da je taj guverner dobio pristanak svih guvernera koji su izabrali direktora takvim izborima. Odluka guvernera da ne sudjeluje u glasovanju za izbor direktora ne smije utjecati na procjenu prihvatljivih glasova što je navedeno u Odjeljku A, Odjeljku B (i), Odjeljku B (ii) ili Odjeljku B (iii) ovog Dodatka.