Each Member shall designate its central bank as the depositary where the Bank may hold its assets in the currency of that Member and other assets of the Bank. Where a member does not have a central bank, it shall designate, in agreement with the Bank, another institution for that purpose. In order to achieve the objectives of this Article, the Bank may conclude technical assistance agreements with other public or private, national or international institutions. If the agreement referred to in the preceding paragraph has not been executed within six months of the termination of the membership of the country or at such other time as the Bank and that country may agree, the repurchase price of the share capital of that country shall be equal to its book value according to the books of the Bank; the day on which the country ceased to be a member. Such redemption is subject to the following conditions: Notwithstanding the provisions of the preceding paragraph, approval of any amended amendment requires the unanimous consent of the Board of Governors: the third arbitrator shall have the power to settle all procedural matters in all cases where the parties disagree. Countries whose instruments of acceptance or ratification were deposited before the date of entry into force of the Convention shall become members on that date. Other countries become members on the day of the deposit of their instruments of acceptance or ratification. to raise the funds and, in this context, to provide such guarantee or other guarantee as the Bank determines for that purpose, provided that the Bank has obtained the consent of that country and of the Member whose currency is denominated prior to the sale of its bonds on the markets of a country. In addition, in the case of borrowings of funds to be included in the Bank`s regular capital resources, the Bank obtains the consent of those countries so that the proceeds may be exchanged without restriction in the currency of any other country; authorise the conclusion of general cooperation agreements with other international organisations; The Bank and the country which ceases to become a member may agree to the repurchase of the share capital on the terms and conditions appropriate to the circumstances, whatever the provisions of the following paragraph. Such an agreement may, among other things, provide for a final settlement of all the country`s obligations to the bank. In the event of a disagreement between the Bank and a country that is no longer a member of the Bank, or between the Bank and a Member following the adoption of a decision terminating the Bank`s activities, such opposition shall be submitted to an arbitral tribunal composed of three arbitrators.
One of the arbitrators shall be appointed by the Bank, another by the country concerned and the third, unless otherwise agreed by the parties, by the Secretary-General of the Organization of American States. If all efforts to reach unanimous agreement fail, decisions are made by a majority of the three arbitrators. As a condition of payment, the country which ceases to be a member shall issue its share certificates, and such payment may be made in such instalments, at the times fixed by the Bank and in the currencies available, taking into account the financial situation of the Bank. The amount of commissions received by the Bank in accordance with Section 12 of this Article shall consist of a special reserve held to meet the Bank`s liabilities in accordance with Article VII(3)(b)(I). The special reserve shall be held in the liquid form permitted by this Agreement, which may be decided by the Management Board. Official communications of the Bank shall be treated by each member in the same way as official communications of other members. The number of votes referred to in Article VIII, Section 4, of each Governor who has voted or allocated his vote to a candidate elected under this Decision shall be deemed to have been counted for the election of that candidate for the purposes of Article VIII, Section 4, point (c)(ii). . The currency(s) in which payments are to be made to the Bank. . Payments intended to meet the Bank`s liabilities arising from borrowings or guarantees referred to in Article III(4)(ii) and (iii) to the detriment of the Bank`s ordinary capital resources shall be recorded: the Bank may derogate from the provisions of this Section if the International Monetary Fund makes a uniform proportional change in the nominal value of the currencies of all members of the Bank.
Any proposal to amend this Agreement, whether made by a member or by the Management Board, shall be forwarded to the Chair of the Governing Council, who shall submit the proposal to the Governing Council. If an amendment has been accepted, the Bank shall certify this in an official communication addressed to all members. Amendments shall enter into force for all members three months after the date of official notification, unless the Governing Council sets a different time limit. In the event of a capital increase pursuant to section © 2(e) or (e) of this Article, each member shall be entitled, under the conditions laid down by the Bank, to subscribe for part of the share increase corresponding to the proportion of its shares previously subscribed to in the total share capital of the Bank. However, no member is required to subscribe to part of this increased capital. The rights of members of the Bank arising from their contributions to the Fund shall not be transferred or encumbered and Members shall not be entitled to reimbursement of such contributions, except in the event of loss of membership or cessation of activities of the Fund. . Subject to the provisions of this Agreement, the authorities of the Bank shall have all powers to administer the Fund. Except in the cases provided for in Article V, Section 1, the Bank may not make it subject to the proceeds of the loan being spent in the territory of a particular country and not being issued in the territory of one or more specified members. . currencies obtained by borrowing in accordance with Article VII(1)(I) for inclusion in the Bank`s regular capital resources; all funds raised through borrowings under the control of point (I) of Article VII(1) to which the obligation referred to in point (a)(ii) of Section 4 of this Article applies; By providing the currencies of the borrower of the members, which are not the currency of the member in whose territory the project is to be carried out, which are necessary to cover the exchange costs of the project. by guaranteeing, in whole or in part, loans granted by private investors, except in special cases.
When voting in the Governing Council, each Governor shall have the right to vote for the Member State he represents. Except as otherwise provided in this Agreement, all matters submitted to the Governing Council shall be decided by a majority of the total voting rights of the Member States. . ) approve, after examining the opinion of the auditors, the overall balance sheet and the profit and loss account of the institution;. The Bank`s objective is to contribute, individually and collectively, to the acceleration of the economic development process of the Member States. . If the nominal value of a Member`s currency in the International Monetary Fund is reduced, or if the exchange rate of a Member`s currency has depreciated significantly, the Member shall, within a reasonable period of time, pay to the Bank an additional amount of its own currency sufficient to obtain the value of the entire currency of the Member held by the Bank from its ordinary capital resources. or in the resources of the Fund, with the exception of currencies derived from borrowings by the Bank […].