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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. 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. Without prejudice to the preceding paragraph, the unanimous consent of the Governing Council shall be required for the approval of any amendment which amends: each member shall designate its central bank as depositary where the Bank may hold its holdings in the currency and other assets of that member 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. 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. 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. 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: authorisation to conclude general cooperation agreements with other international organisations; The third arbitrator has the power to settle all procedural matters in all cases where the parties disagree. 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 to be included in the Bank`s regular capital resources, the Bank obtains the consent of those countries so that the proceeds can be exchanged without restriction in the currency of another country. six shall be elected by the Chairpersons of the other members in accordance with Annex C. . by guaranteeing, in whole or in part, loans granted by private investors, except in special cases. Members of the Organisation of American States who accede to the Bank after the date referred to in Article XV(1)(a) shall contribute to the Fund the quotas and under the conditions laid down by the Bank. No country may withdraw its contribution and terminate its relations with the Fund while it is still a member of the Bank. The Bank may agree with Member States or undertakings receiving technical assistance to reimburse the costs of providing such assistance on such terms as it deems appropriate.
The members of the Bank entitled to establish the Bank shall be the members of the Organization of American States who agree to be members of the Bank not later than the date referred to in Article XV (l) (a). Any Member which receives assets distributed under this Article shall enjoy, in respect of those assets, the same rights as the Bank enjoyed prior to their distribution. . the limitation of liability referred to in article II(3)(d) and Article IV(5). The Bank has legal personality and, in particular, full capacity to function: the Board of Governors usually holds one meeting each year. Other meetings may be held if the Governing Council so provides or if they are convened by the Board of Directors. Meetings of the Governing Council shall also be convened by the Board of Directors at the request of five members of the Bank or members with one quarter of the total voting rights of the Member States. The Bank, its officers and employees shall not interfere in the political affairs of a Member or be influenced in their decisions by the political nature of the Member or Members concerned.
Only economic considerations are relevant to their decisions and those considerations shall be weighed impartially in order to achieve the objective and tasks referred to in Article I. In carrying out its tasks, the Bank cooperates as far as possible with national and international institutions as well as with private sources providing investment capital. . The currency of each Member held by the Bank either in its ordinary capital resources or in the funds of the Fund, whatever their acquisition, may be used by the Bank and by any recipient of the Bank without restriction by the Member to make payments for goods and services manufactured in the territory of that Member. The authorized share capital of the Bank, as well as the initial funds of the Special Operations Fund implemented in Article IV (hereinafter referred to as the Fund), amount to one billion dollars (USD 1,000,000,000) of the weight and finesse in force on 1 January 1959. Of this amount, eight hundred and fifty million dollars ($850,000,000) constitute the authorized share capital of the Bank and will be divided into 85,000 shares, each with a par value of $10,000, which may be subscribed to members in accordance with section 3 of this section. increase or decrease the Authorized Share Capital of the Bank and contributions to the Fund;. The Bank may also publish such other reports as it deems desirable for the accomplishment of its object and tasks.
Governors and deputies serve as such without compensation from the Bank; however, the Bank may pay them a reasonable fee to attend meetings of the Governing Council. . The currency(s) in which payments are to be made to the Bank. . Section 5. President, Executive Vice President and Staff. Section 7. Rules and conditions for granting or guaranteeing loans The property and assets of the Bank, regardless of their place of residence and the person holding them, shall be considered international public property and shall be protected from search, seizure, confiscation, expropriation or any other form of recourse or enforcement by executive or legislative measures. A special operations fund shall be set up for the granting of loans on terms adapted to the economic situation appropriate to take account of the specific characteristics of certain countries or within the framework of specific projects.
The Bank considers that the interest rate, other costs and the repayment schedule of the principal are appropriate for the project in question. Each Member State shall have 135 votes plus one vote for each share in the share capital of the Bank held by that country. The guarantee contracts concluded by the Bank provide that the Bank may terminate its liability for interest if, in the event of default by the borrower and, where applicable, the guarantor, the Bank offers to purchase the bonds or other covered bonds at a time specified in the offer at face value and accrued interest. all project products in which any of the above funds are used or committed; and. . In the operation of the Fund, the Bank makes maximum use of the staff, the same experts, facilities, offices, equipment and services that it uses for its regular activities. . The Bank publishes an annual report with audited annual accounts. It also provides members with a quarterly summary statement of net assets, liabilities, financial position and results of operations showing the results of their ordinary business activities.
. 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. The provisions of Article X shall also apply to the Fund, replacing the provisions relating to the Fund and its respective resources and creditors with clauses referring to the Bank and its ordinary capital and the respective creditors. First, as many ballots as necessary are cast until each of the four candidates receives a number of votes equal to a percentage equal to at least the sum of the percentages attributable to the country with the highest voting rights and the country with the least voting power. For the purposes of this paragraph, 100 % of the total voting capacity of the countries entitled to participate in the votes provided for in this Annex shall be counted. . The Executive Vice-President shall be appointed by the Management Committee on a proposal from the President of the Bank. Under the direction of the Management Committee and the President of the Bank, the Executive Vice-President shall exercise the powers and functions in the administration of the Bank, as determined by the Board of Directors.
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