אמנות בינלאומיות

מזכיר הכנסת סימוכין: 089595 ירושלים, כ"טבחשוון התשפ" ד 13 בנובמבר 2023 לכבוד חברות ו חברי הכנסת שלום רב, הנדון: אמנת הבנקהאסייני לפיתוח אבקש להביא לידיעתכם כי מר בצלאל סמוטריץ,' שר האוצר, העביר למזכירות הכנסת את נוסח ההסכם שבנדון. רצ"ב לעיונכם מכתבו של ה שרוכן נוסח ההסכם בעבריתואנגלית (לרבות דברי ההסבר.) אבקשלהסב את תשומת לבכם כי סעיף10 לתקנון לעבודתהממשלה קובע כך: "אשרורואישור 10 . א)( שר המבקש להגיש הצעה להחלטה בדבר אשרור אמנה בינלאומית יעביר אמנות למזכיר הכנסת, שבועיים קודם, שני עותקים מנוסח האמנה בתרגומה בינלאומיות" לעברית ואת עיקריה, על מנת שזה יביאם לידיעת חברי הכנסת. בתקופת הפגרה יימנו השבועיים ממועד כינוספגרה של הכנסת. ב)( סעיף (א) לעיל לא יחול אם לדעת השר המגיש, בהסכמת שר החוץ ושר המשפטים,נמנעתהמצאתעותקיהאמנהלכנסתמטעמידחיפותאוסודיות. ג)( לאחר העברת עותק האמנה לידיעת הכנסת כאמור לעיל ובחלוף פרק הזמן הנקוב בסעיף (א) לעיל, תועבר למזכיר הממשלה על ידי השר המגיש הצעת החלטה בעניין אשרור האמנה. ]...[ ננקטה בכנסת פעולה בעניין האמנה בהתאם לתקנון הכנסת, יודיע על כך השרמגיש ההצעה בדברי ההסבר. מזכיר הממשלה יעביר את הצעת ההחלטה בדבר אשרור האמנה לידיעת כל חבריהממשלה, ויבקש את עמדתם בדרך שנוהגים בסעיף19 ב) בתקנון.( ההסכם שבנדון הונח על שולחןהכנסת בישיבה היום, כ"ט בחשוון התשפ" ד- 13 בנובמבר 2023 . בברכה, דן מרזוק עיקריאמנתהבנק האסייני לפיתוח 1. מטרת הבנק האסייני לפיתוח היא לטפח צמיחה כלכלית ושיתוף פעולה באזור אסיה והמזרח הרחוקולתרוםלהאצתתהליךהפיתוחהכלכלישלהמדינותהחברותהמתפתחותבאזור,ביחד ולחוד. 2. עיקר י תפקידיהבנק: 2.1 . לקדםהשקעות באזור אסיה שלהון ציבורי ופרטי לצרכיפיתוח; 2.2 . לנצל את המשאבים העומדים לרשותו למימון הפיתוח של מדינות חברות מתפתחות באזור הפעילות של הבנק; 2.3 . לתת מענה ל בקשות המדינות החברות באזור בסוגיות ואתגרים כמו בניית כלי מדיניות לקידום הפיתוח הכלכלי שלהן; 2.4 . לספקסיועטכנילהכנה,מימוןוביצועשלפרויקטיםותכניות אסטרטגיותלפיתוח,לרבות גיבושהצעותפרויקט ספציפיות; 2.5 . וכן לבצע כל פעילויותאחרותולספק כל שירותים אחריםהעשוייםלקדם אתמטרתו. 3. הגוף הגבוה ביותר בהיררכיה של הבנק הוא מועצת הנגידים Governors) of Board ) המורכב מנציגי המדינות החברות בבנק. 3.1 . כל סמכויות הבנק יופקדו בידי מועצת הנגידים. 3.2 . כוחם של הנציגיםעומד ביחסלכמות המניות בבעלות המדינה אותההם מייצגים. 3.3 . האחריות להפעלתהבנקוכן הפיקוח עליו, נמצאת ברשות מועצת הנגידים. 4. רובהסמכויות יואצלו ממועצתהנגידיםלמועצת המנהלים ( (Board of Directors . 4.1 . מועצת המנהלים אחראי ת לניהול הפעילות השוטפת של הבנק, תפקידם לפקח על הדו"חות הכספיים של הבנק, אישור התקציב האדמיניסטרטיבי, בחינה ואישור של כל מסמכיהמדיניות של כל הלוואה, השקעהוסיוע טכני. 4.2 . במועצת המנהליםחברים 12 דירקטוריםהמייצגים את המדינות החברות בבנק. 4.3 . המדינות בעל ות אחוז הצבעה נמוך יותר משל הדירקטורים המייצגים מיוצגות על-ידי קבוצתמדינותשבוחרת נציגמשותףלקבוצה.8דירקטוריםהםנציגיםממדינותאזוריות ו-4 דירקטורים מ מדינות חוץ- אזוריות. 5. נשיא הבנק הינו הדמות המשפטית המייצגת את הבנק. הוא עומד בראש מועצת המנהלים אך אין לו זכות הצבעה למעט קול מכריע במקרה של תיקו,)( תקופת כהונתו קצובה לחמש שנים והוא חייבל היות אזרח של מדינה אזוריתולאיתפקד כנגיד או מנהל בזמן כהונתו כנשיא. 6. לבנק תהיה אישיות משפטית מלאה ובפרט תהיה לו הכשרות המשפטית המלאה להתקשר בחוזים,לרכושולהוציאמרשותונכסים,ליזוםולהגיבעלהליכים משפטייםולנקוט כלפעולה שעשויה להיות נחוצה או מועילה למטרתוופעילותו. 7. הבנק ונציגיו יהנו מחסינויותוזכויות יתר. 7.1 . הבנק יהנה מחסי נות מפני כל צורה של הליך משפטי, למעט במקרים הקשורים למימוש סמכויותיוללוותכסף,לערובלהתחייבויות,אולקנותולמכוראולבטחמכירהשלניירות ערך. 7.2 . מדינה חברה לא תפתח בהליך משפטי נגד הבנק, אלא תפנה להליכים מיוחדים ליישוב מחלוקות ביןהבנקל מדינות החברות בו. 7.3 . רכושונכסיהבנקיהיוחסיניםמפניחיפוש,החרמה,הפקעהאוכלצורהשלתפיסה,עיקול אוהוצאהלפועל. 7.4 . עובדי ונציגי הבנק יהיו חסינים מפני הליכים משפטיים ביחס למעשים שעשו במסגרת מילויתפקידםהרשמי, למעטכאשרהבנקויתרעלהחסינותוייהנומזכותמוחלטתלהגנה על כל תעודותיהם מסמכיהםורשומותיהם הרשמיים. 7.5 . כל מדינה תעניק לתקשורת הרשמית של הבנק יחס זהה לזה שהיא מעניקה לתקשורת הרשמית של כל מדינה- חברה אחרת. 7.6 . הבנק, נכסיו ורכושו, הכנסותיו ופעולותיו יהיו פטורים מכל מיסוי ומכל מכס. כן יהיה הבנקפטור מכלהתחייבות לתשלום,ניכוי או גבייה של כל מס או מכס. 7.7 . עובדי ונציגי הבנק יהיו פטורים מהתחייבות לתשלום מס בגין שכר או תשלום שקיבלו מהבנק, למעט במקרה שהמדינה החברה הפקידה, במועד הצטרפותה לבנק, הצהרה כי היא שומרת את הזכות למסות עובדים ונציגים של הבנק שהם אזרחי המדינה, ועובדים בתחומיהמדינה. AGREEMENT ESTABLISHING THE ASIAN הסכם בדברהקמתהבנקהאסי ינ ילפיתוח DEVELOPMENTBANK הצדדיםהמתקשרים PARTIESCONTRACTING THE CONSIDERINGthe importance ofcloser economic co- ב תתםדעתםלחשיבותושלשיתוףפעולהכלכליהדוקיותר כאמצעילהשגתניצוליעילביותרשלמשאביםולהאצתהפיתוח operation as a means for achieving the most efficient הכלכלישלאסיהוהמזרחהרחוק; utilization ofresources and for accelerating the economic development of Asia and the FarEast; REALIZINGthe significance ofmaking additional בהבינםאת המשמעותשלהעמדתמימוןנוסףלפיתוחלרשות development financing available for the region by mobilizing האזור באמצעותגיוסכספיםומשאביםשונים מהאזורומחוצהלו, בוניסיוןליצורולטפחתנאיםהתורמיםלהגדלתהחיסכוןהמקומי such funds and other resources both from within and outside ולזרימהגדולהיותרשל מימוןלפיתוחלאזור; the region, and byseeking to create and foster conditions conducive to increased domestic savings and greater flowof development funds into the region; RECOGNIZINGthe desirability ofpromoting the בהכירם ברציותשל ודיקםהצמיחהההרמוניתשל כלכלותהאזור harmonious growth ofthe economies ofthe region and the והרחבתהסחרהחיצונישלהמדינותהחברות; expansion ofexternal trade of member countries; CONVINCED thatthe establishment ofa financial בהיותםמשוכנעים שהקמתמוסדפיננסיאסיי ניבאופיוישרת institution that is Asian in itsbasic character would serve מטרותאלה; these ends; HAVE AGREED to establish herebythe Asian Development הסכימולהקיםבזאתאתהבנק האסי ניילפיתוח (להלן: "הבנק)" שיפעלבהתאםלא מורלהלן: Bank (hereinafter called the "Bank") which shall operate in accordance with the following: Chapter I פרקI PURPOSE, FUNCTIONS AND MEMBERSHIP מטרה, תפקידיםוחברות Article 1 סעיף1 מטרה PURPOSE The purpose ofthe Bank shallbeto foster economic growth מטרתהבנקתהיהלטפח צמיחהכלכליתושיתוףפעולהבאזור and co-operation in the region ofAsia and theFar East אסיהוהמזרחהרחוק(להלן: "האזור")ולתרוםלהאצתתהליך (hereinafter referred to as the "region") and to contribute to הפיתוחהכלכלישל המדינותהחברותהמתפתחות באזור,ביחד ולחוד. בהסכםזההמונחים"אזוראסיהוהמזרחהרחוק"ו"אזור" the acceleration ofthe process ofeconomic development of יכללו אתשטחיאסיהוהמזרחהרחוקכהגדרתםבמסמךתנאי the developing member countries in the region, collectively המסגרת של הוועדההכלכליתלאסיהוהמזרחהרחוק שלהאומות and individually. Wherever used in this Agreement, the המאוחדות. terms "region ofAsia and the FarEast" and "region" shall comprise the territories ofAsia and theFar East included in the Terms ofReference ofthe United Nations Economic Commission for Asia and the FarEast. Article 2 סעיף2 תפקידים FUNCTIONS To fulfill its purpose, the Bank shall have the following כדילהגשיםאתמטרתו, יהיו לבנקהתפקידיםהבאים: functions: (i) to promote investment in the region ofpublic andprivate (i)לקדםהשקעותבאזורשלהוןציבוריופרטילצרכיפיתוח; capital for development purposes; (ii)to utilize the resources at its disposal for financing ( ii )לנצלאתהמשאביםהעומדיםלרשותולמימון הפיתוחשל מדינותחברות מתפתחותבאזור,תוךמתןעדיפותלאותםפרויקטים development ofthe developing member countries in the ותכניותאזוריים,תת- אזוריים וכן לאומייםאשריתרמובצורה region, giving priorityto those regional, sub-regional as well היעילהביותרלצמיחהכלכליתהרמוניתשלהאזורבכללותו,תוך as nationalprojects and programmes which will contribute התחשבותמיוחדתבצרכי ה מדינותה חברותבאזור שהן קטנותאו most effectivelyto the harmonious economic growth ofthe מפותחותפחות; region as a whole, and having special regard to theneeds of the smaller or less developed member countries in the region; (iii) ( iii)להיענותלבקשותשלחבר ות באזור לסיוע בתיאוםמדיניות to meet requests from members in the region to assist הפיתוח שלה ן ותכניות ש מטר תןניצולטוביותרשלמשאביהן, themin the coordination oftheirdevelopment policies and הפיכתכלכלותי הןלמשלימותיותר,ו קידום הרחבה הדרגתיתשל plans with a viewto achieving better utilization oftheir סחרהחוץשלה ן ,בפרט, סחרפנים- אזורי; resources, making their economies more complementary, and promoting theorderlyexpansion oftheir foreign trade, in particular, intra-regional trade; (iv) ( iv )לספקסיועטכני להכנה,מימוןוביצועשלפרויקטיםותכניות to provide technical assistance for the preparation, פיתוח,לרבותגיבושהצעותפרויקט ספציפיות; financing and execution ofdevelopment projects and programmes, including the formulation ofspecific project proposals; (v) to co-operate, in suchmanner as the Bankmaydeem (v) לשתףפעולה,באופןשהבנקימצאלנכון,במסגרתתנאיהסכם זה,עםארגון האומותהמאוחדות, הגופיםוגופיהמשנהשלו, appropriate, within the terms ofthis Agreement, with the לרבות,בפרט,הוועדההכלכליתלאסיהוהמזרחהרחוק,ועם United Nations, its organs and subsidiarybodies including, ארגוניםבינלאומייםציבורייםומוסדותבינלאומייםאחרים,וכן in particular, the Economic Commission for Asia and the Far גופיםלאומיים, ציבורייםאופרטיים, העוסקיםבהשקעתכספי East, and with public international organizations and other פיתוחבאזור,ולענייןמוסדותוגופיםכאמורבהזדמנויותחדשות international institutions, as well as national entities whether להשקעהוסיוע ;וכן public orprivate, which are concerned with the investment ofdevelopment funds in the region, and to interest such institutions and entities in newopportunities for investment and assistance; and (vi) ( vi )לבצעכל פעילויותאחרותולספקכלשירותיםאחרים העשויים to undertake such other activitiesand provide such לק דםאתמטרתו. other services as may advance its purpose. Article 3 סעיף3 חברות MEMBERSHIP 1. Membership in the Bank shallbeopen to:(i) members 1 .החברותבבנקתהיהפתוחה בפני:( i)חברותוחברותשותפות and associate members ofthe United NationsEconomic בוועדההכלכליתשלהאומותהמאוחדותלאסיהוהמזרחהרחוק; Commission for Asia and the FarEast; and (ii) other regional וכן( ii )מדינות אחרותמהאזור ומדינותמפותחות שאינןמהאזור החברותבאומותהמאוחדותאובאחתמהסוכנויותהמיוחדותשל ו. countries and nonregionaldeveloped countries which are members ofthe United Nations orofanyofits specialized agencies. 2. Countries eligible for membership underparagraph 1 of 2 .מדינותהזכאיותלחברותלפיס"ק1סלעיףזהשאינןהופכות this Article which do notbecome members in accordance לחברותבהתאםלסעיף64 להסכםזהיכולותלהתקבל,בכפוף לתנאיםוההגבלותשהבנקיקבע,לחברותבבנקבהצבעהבעד with Article 64 ofthis Agreement may be admitted, under קבלתןברובשלשנישלישיםמ המספרהכוללשלהנגידים, such terms and conditions as theBank maydetermine, to המייצגיםלאפחותמשלושהרבעיםמכללכוחההצבעהשל membership in the Bank upon theaffirmative vote oftwo- ה חברות. thirdsofthe total number of Governors, representing not less than three-fourths ofthetotal voting power ofthe members. 3. In the case ofassociate members ofthe United Nations 3. במקרהשל חברותשו תפות בוועדההכלכליתשלהאומות Economic Commission for Asia and the Far East which are המאוחדותלאסיהוהמזרחהרחוקשאינ ןאחראי ות לניהולהיחסים הבינלאומייםשלה ן ,בקש הל חברותבבנקתוגשעלידיחבר ת הבנק not responsible for the conductoftheir international האחרא ית עלהיחסים הבי נלא ומייםשלהמבקש ת ובליוויהתחייבות relations, application for membership in the Bank shallbe שלה חברהכאמור ,שעדשהמבקש תת יטול עלעצמ ה אחריות presented bythe member ofthe Bank responsible for the כאמור,ת ישא החברה ב אחראי ות לעמידה בכלההתחייבויות international relationsofthe applicant and accompanied by הע שויותלהיווצרלמבקש ת עקב הצטרפות הל בנקו תהנה an undertaking bysuch member that, untilthe applicantitself מ היתרונותשלחברותכ אמור "מדינה". לענייןהסכם זה היאגם assumes such responsibility, themember shall be responsible טריטוריה שהיא חברהשותפה בוועדההכלכליתשלהאומות for all obligations that maybe incurred bythe applicantby המאוחדותלאסיהוהמזרחהרחוק. reason ofadmission to membership in the Bank and enjoyment ofthe benefits ofsuch membership. "Country" as used in thisAgreement shall include a territorywhich is an associate member ofthe United Nations Economic Commission for Asia and the FarEast. Chapter II פרקII הון CAPITAL Article 4 סעיף4 הוןמורשה CAPITAL AUTHORIZED 1. The authorized capital stock ofthe Bank shall be one 1.ההוןהמורשהשלהבנקי עמודעל מיליארדדולר billion dollars ($l,000,000,000)in terms ofUnited States ( 1,000,000,000 דולר) במונחיםשלדולרארה"במהמשקלוה דקות dollarsofthe weight and fineness in effect on 31 January שהיובתוקףביום 31 בינואר 1966 .דולרבכלמקום שהואנזכר בהסכםזהיובןכאילוהואדולרארה"בבערךהנ"ל.ההוןהמורשה 1966. Thedollar wherever referred to in this Agreement יחולקלמאהאלף(100,000)מניותבעלותערך נקובשלעשרת shall beunderstood as being a United States dollarofthe אלפיםדולר(10,000 דולר)כלאחת,אשריהיוזמינותלרכישהרק above value. The authorized capital stock shall bedivided עלידי חברות בהתאםלהוראותסעיף5 להסכםזה. into one hundred thousand (100,000) shares having a par value often thousand dollars ($10,000) each, which shallbe available for subscription onlyby members in accordance with the provisionsofArticle 5 of this Agreement. 2. The original authorized capital stock shall be divided 2 .ההוןהמורשההמקורייחולקלמניות הנפרעות ולמניות into paid-in shares and callable shares. Shares having an הנדרשות.מניותבעלו תערךנקובמצטברשלחמשמאותמיליון aggregate par value offive hundred million dollars דולר(500,000,000 דולר)יהיו במניותהנפרעות,ומניותבעלות ערךנקובמצ טבר שלחמשמאותמיליוןדולר(500,000,000 דולר) ($500,000,000) shallbe paidin shares, and shares having an יהיו במניות הנדרשות. aggregate par value offive hundred million dollars ($500,000,000) shallbe callable shares. 3. The authorized capital stock ofthe Bank maybe 3 .מועצתהנגידיםרשאיתלהגדיל אתההוןהמורשהשלהבנק, increased bythe Board ofGovernors, at such time and under במועדובתנאיםוהתניות ככלשתמצאלנכון,ברובשלשנישלישים הממספרהכוללשל הנגידים,המייצגיםלא פחותמשלושהרבעים such terms and conditions as it maydeemadvisable, by a מכללכוחההצבעה שלה חברות. vote oftwo-thirds ofthe totalnumber of Governors, representing not less than three-fourthsofthe totalvoting power ofthe members. Article 5 סעיף5 SUBSCRIPTION OF SHARES חתימה על מניות 1. Each member shall subscribe to shares ofthe capital 1 . כלחברהתחתום עלמניותמכלל ההוןשלהבנק. כלחתימה על stock ofthe Bank. Each subscription to the original ההוןהמורש ה המקוריתהיהעבורמניותבתשלוםומניותניתנות להמרהבחלקיםשווים.המספרהראשונישלהמניותשיחתמו authorized capital stock shall be for paid-in shares and עליהןמדינות ההופכותלחברות בהתאםלסעיף64 להסכםזהיהיה callable shares in equalparts. Theinitialnumber ofshares to המספר הקבועבנספחא'להסכם. המספרהראשונישלהמניות be subscribed bycountries which become members in שיחתמועליהן מדינותשהתקבלולחברותבהתאםלס"ק2 לסעיף3 accordance with Article 64 ofthisAgreement shall be that להסכםזהייקבעעל ידימועצתהנגידים; אולם,בתנאישלאתאושר set forth in Annex Ahereof. The initialnumber ofshares to כלחתימהכאמורשתוצאתהתהיההפחתהשל אחוזההוןהמוחזק be subscribed bycountries which are admitted to עלידיחבר ותמהאזוראל מתחתלשישים(60 )אחוזיםמסךההון membership in accordance with paragraph 2 ofArticle 3 of ה חתום. this Agreement shall be determined bythe Board of Governors; provided,however, that no such subscription shall be authorized which would have the effect ofreducing the percentage ofcapital stock held byregional members belowsixty(60) per centofthe total subscribed capital stock. 2. The Board ofGovernors shall at intervals ofnot less than 2 .מועצתהנגידים תבצע במרווחיםשללא פחותמחמש(5 )שנים five (5) years reviewthe capital stock ofthe Bank. In case of סקירהשל ההוןשלהבנק.במקרהשלהגדלתההוןהמורשה,לכל an increase in the authorized capital stock, each member חברה תהיההזדמנותסבירהל חתו ם, בתנאיםו התניותש יכולה מועצתהנגידיםלקבוע, עלכלשיעור מגידול ההוןהמקבילליחס shall have a reasonable opportunityto subscribe,under such שביןהמניות עליהןחתמהבעברלביןסך כלההוןהחתוםמידלפני terms and conditions as the Board ofGovernors shall העלאהכאמור;אולם,בתנאישההוראההנ"ללאתחול ביחסלכל determine, to a proportion ofthe increase ofstock equivalent הגדלהאוחלקמהגדלהשלההוןהמורשהשנועדואךורקלתת to the proportion which its stock theretofore subscribed bears תוקףלקביעותשלמועצתהנגידיםלפי ס"ק1 ו-3 לסעיףזה.אף to the total subscribed capital stock immediatelyprior to such increase; provided,however, that the foregoing חבר ה לא תחויבלחתוםעלחלקכלשהומהגדלתההון. provision shallnot applyin respect ofanyincrease or portion ofan increase in the authorized capital stock intended solely to give effect to determinationsofthe Board ofGovernors underparagraphs 1 and 3 ofthisArticle. No member shall be obligated to subscribe to anypartofan increase ofcapital stock. 3. The Board ofGovernors may, at the requestofa 3 . לבקשתחברה, מועצתהנגידיםרשאיתלהגדילאתהחתימה של member, increase the subscription ofsuch member on such חברהכאמורבתנאיםו בהתניותככל שהמועצהתקבע;אולםבתנאי שלאתאושר כלהעלאהכאמור בחתימהשלחברהכלשהו terms and conditions as the Board may determine; provided, however, that no such increase in the subscription ofany שתוצאתהתהיההפח תהשל אחוזההוןהמוחזקעלידיחבר ות מהאזורמתחתלשישים(60)אחוזים מסךההוןה חתום. מועצת member shall be authorized which would have the effect of הנגידיםתיתןתשומתלבמיוחדתלבקשת ה של כלחברה אזורי ת reducing thepercentage ofcapital stock held byregional שישל ה פחותמשישה(6)אחוזיםממניותההוןלהגדילאתחלק ה members belowsixty(60) per cent ofthe total subscribed היחסיבו. capital stock. The Board ofGovernors shallpayspecial regard to the request ofanyregional member having less than six (6)per centofthe subscribed capital stock to increase its proportionate share thereof. 4. Shares ofstock initiallysubscribed bymembers shall be 4 .מניות הוןש חברותחתמועליה ןבראשונה יונפקולפיערךנקוב. issued at par.Other shares shallbe issued at parunless the מניותאחרותיונפקולפי ערךנקוב,אלאאםכןמועצתהנגידים Board ofGovernors bya vote of a majorityofthe total בהצבעהשלרובהנגידים,המייצגיםרובמכללכוחההצבעהשל ה חברות ,החליט ה בנסיבותמיוחדותלהנפיקאותןבתנאיםאחרים. number ofGovernors, representing a majorityofthe total voting power ofthe members, decides in special circumstances to issue themon other terms. 5. Shares ofstock shall not bepledged or encumbered in 5 .מניות הוןלאיהיומשועבדותאומוגבלות בדרך כל שהי ,ולא any manner whatsoever, and they shall notbe transferable VII יהיוניתנותלהעברהאלאלבנקבהתאםלפרק להסכםזה. except to the Bank in accordancewith ChapterVII ofthis Agreement. 6. The liabilityofthe members on shares shall be limited to 6.אחריותה חברותבמניותת היהמ וגבל ת לחלקשלאשולםממחיר the unpaid portion oftheir issueprice. ההנפקהשלהן. 7. No member shall be liable,byreason ofits membership, 7.חבר ה לאתהיה אחראי ת, מטעמי חברות ה להתחייבויותהבנק., for obligations ofthe Bank. Article 6 סעיף6 PAYMENTOF SUBSCRIPTIONS תשלוםחתימות 1. Payment ofthe amount initiallysubscribed byeach 1 .תשלוםעבור הסכום הראשונישעליו תוחמתכל המצטרפת Signatoryto this Agreement which becomes a member in להסכםזה ההופ כתלחבר ה בהתאםלסעיף64 להוןהנפרע שלהבנק accordance with Article 64 to thepaid-in capital stock ofthe יתבצעבחמישה(5 תשלומים,)בגובהעשרים(20)אחוזיםמ הסכום Bank shall be made in five (5) installments, oftwenty(20) האמור.התשלוםהראשוןישולםעל ידיכלחברהבתוךשלושים ( 30 )ימים ממועד כניסתולתוקףשל הסכםזה,או בתאריךההפקדה per cent each ofsuch amount. The first installment shall be שלכתבהאשרוראוהקבלה מטעמה בהתאם לסעיף64 אולפנייום paid byeach member within thirty(30) days after entryinto זה ,המאוחרמ ביניהם.התשלוםהשנייי פרע שנהאחת(1 ) מכניסתו force ofthis Agreement, or on orbefore the date ofdeposit לתוקףשלהסכםזה.שלושת(3 )התשלומיםהנותרים י יפרעובזה on its behalfofits instrument ofratification or acceptance in אחר ז ה, בכלפעם שנהאחת(1 )מהתאריךשבו נפרע התשלום accordance with paragraph 1 ofArticle 64,whichever is הקודם. later. The second installment shall become due one (1) year fromthe entryinto force ofthis Agreement. The remaining three (3) installments shall each become due successively one (1)year fromthe date on which thepreceding installment becomes due. 2. Ofeach installment for the payment ofinitial 2 . בכלאחדמהתשלומיםעבורהחתימות ה ראשוני ות למנייתההון subscriptionsto the original paid-in capital stock: המקוריתששולמה: (a) Fifty(50) per cent shallbe paid in gold or convertible (א)חמישים(50 )אחוזיםישולמובזהבאובמטבעבר המרה ;וכן currency; and (b) Fifty(50) per centin the currencyofthe member. (ב)חמישים(50)אחוזים במטבעשלהחבר ה. 3. The Bank shall accept fromany member promissory 3.הבנקיקבלמכלחברה שטרותחובאוהתחייבויותאחרות notes orother obligations issued bythe Government ofthe שהונפקועלידיממשלתהחברה,או עלידיהמפקידש הועיד ה אותהחברה, במקוםהסכום שישולם במטבעהחבר ה לפי2( ב) member, or bythe depositorydesignated bysuch member, in לסעיףזה,ובלבדשהבנק אינודורשזאת לצורךניהולפעולותיו. lieu ofthe amountto be paid in the currencyofthe member שטרותאוהתחייבויותכאמוריהיובלתיסחירים,לאנושאיריבית, pursuant to paragraph 2 (b) ofthis Article, provided such is וישולמולבנקלפיערךנקובלפידרישה.בכפוףלהוראות ס "ק2 not required bythe Bank for the conductofits operations. ii Such notesor obligations shallbenon-negotiable, non- ( )לסעיף 24 ,דרישותלגבישטרותאוהתחייבויותכאלהשיש interest-bearing, and payable to the Bank at par value upon לשלםבמטבעותהניתניםלהמרהיהיו,לאורךפרקיזמןסבירים, אחידותבאחוזים עלכלהשטרותאוההתחייבויות כאמור. demand. Subject to the provisionsofparagraph 2(ii)of Article 24, demands upon such notes orobligationspayable in convertible currencies shall,over reasonable periods of time, be uniformin percentage on all such notesor obligations. 4. Each payment ofa member in itsown currencyunder 4 .כלתשלוםשלחברה במטבעשל ה לפיס "ק2(ב)לסעיףזהיהיה paragraph 2(b)ofthis Article shall be in such amount as the בסכוםשהבנק,לאחרהתייעצותעם קרןהמטבעהבינלאומיתכפי שהבנק יראהלנחוץ ותוךשימושבערךהנקובשנקבעעםקרן Bank, after such consultation with the International המטבעהבינלאומית,אםבכלל,קובעכיוהאשווהערךלמלוא MonetaryFund as the Bank may considernecessaryand הערך במונחיםשלדולריםשלחלקהחתימהששולם.התשלום utilizing the par value established with the International הראשונייהיהבסכוםשהחבריראהלנכוןכאמור להלן,אךיהיה MonetaryFund, ifany, determines to be equivalent to the כפוףלהתאמהכ אמור,שתתבצעתוךתשעים(90)י מיםמה תאריך full value in terms ofdollars ofthe portion ofthe לפירעוןהתשלום ,כ כל שהבנקיקבע שהיאנחוצה כדילהוותאת subscription beingpaid.The initial payment shall be in such מלואהערךבדולרים שלתשלוםכזהכאמור. amount as the member considers appropriate hereunderbut shall be subject to such adjustment, to be effected within ninety(90)days ofthe date on which such payment was due, as the Bank shall determine to benecessaryto constitute the full dollar equivalentofsuch payment. 5. Payment ofthe amount subscribed to the callable capital 5.תשלוםהסכוםשנחתםלהוןהניתןלדרישה על ידי הבנקיהיה stock ofthe Bank shall be subjectto callonlyas and when אפשרילדרישהרק כאשרהבנקדורשזאתכדי לעמוד ii)ו-( iv required bythe Bank to meet its obligationsincurred under בהתחייבויותיושנגרמולפי תת- ס"ק( ) לסעיף11 לגבי sub-paragraphs (ii)and (iv) ofArticle 11 on borrowings of הלוואותשלכספיםלהכללה במשאביההוןהרגיליםשלואו funds for inclusion in its ordinary capital resources oron ערבויות שמשאביםכאמורחייביםבהן. guarantees chargeable to such resources. 6. In the eventofthe call referred to in paragraph 5 ofthis 6 .במקרהשל דרישההנזכרתבס"ק5לסעיףזה,ניתןלבצעאת Article, payment may be made at the option ofthe member התשלוםלפי בחירתה חבר ה בזהב, במטבעהניתןלהמרהאו in gold, convertible currencyor in the currencyrequired to במטבעהנ דרשלביצועהתחייבויותהבנקשלשמ ן מתבצעת discharge the obligationsofthe Bank for the purposeof הדרישה.דרישותביחסלחתימות שלאשולמויהיואחיד ות באחוזים ביחסל כלהמניותהניתנותל דרישה. which the call is made. Calls on unpaid subscriptions shallbe uniformin percentage on all callable shares. 7. The Bank shall determine the place for anypayment 7.הבנקיקבעאתהמקוםלביצוע כלתשלוםלפיסעיףזה,ובלבד underthis Article, provided that, untiltheinaugural meeting שעדלמושבהפתיחה שלמועצתהנגידיםשלו,תשלוםהחלק ofits Board ofGovernors, thepayment ofthe first הראשוןה נזכרבס"ק1ל סעיףזהי יעשה למזכירהכללישלארגון האו מותהמאוחדות כנאמןשלהבנק., installment referred to in paragraph 1 ofthis Article shall be made to theSecretary-General of the United Nations, as Trustee for the Bank. Article 7 סעיף7 משאביהוןרגילים RESOURCESCAPITAL ORDINARY As used in this Agreement, the term "ordinarycapital כמשמעותו בהסכםזה,המונח"משאביהוןרגילים"שלהבנק יכלול resources"ofthe Bank shall include the following: אתהאמורלהלן: (i) authorized capital stockofthe Bank, includingboth paid- (i)ההוןהמורשהשלהבנק,לרבותהןמניות לתשלום והןמניות in and callable shares, subscribed pursuant to Article 5 of ה ניתנותל דרישה,שנחתמו בהתאםלסעיף5 להסכםזה,למעט this Agreement, except such partthereofas maybe set aside החלק שניתןלהפרישלקרןמיוחדתאחתאויותרבהתאםלס "ק1 into one or more Special Funds in accordance with paragraph (i)לסעיף19 להסכםזה; 1 (i)ofArticle 19 ofthis Agreement; ii (ii)funds raised byborrowings ofthe Bankbyvirtue of ( )כספיםשגויסובהלוואותשלהבנקמכוחסמכויותהמוקנות powers conferred bysub-paragraph (i)ofArticle 21 ofthis בתת-ס"ק(i )לסעיף21 להסכםזה,שעליהםחלהההתחייבות Agreement, to which the commitment to calls provided for in ל דרישותלפיס "ק5 לסעיף6 להסכםזה; paragraph 5 ofArticle 6 ofthis Agreement is applicable; (iii) iii funds received in repayment ofloans or guarantees ( )כספיםשהתקבלו כפירעוןהלוואותאוערבויותשניתנו made with the resources indicated in (i)and (iii)ofthis iii מה משאביםהמצויניםב-(i)ו-( ) לסעיףזה; Article; iv (iv) income derived fromloans made fromthe ( )הכנסהשמקורהבהלוואותשניתנו מהכספים הנ"לאו aforementioned fundsor fromguarantees to which the מערבויותשהתחייבויותלדרישותהמפורטות ב ס"ק5 לסעיף6 commitment to calls set forth in paragraph 5 ofArticle 6 of להסכםזהחל ותעליהן ;וכן this Agreement is applicable; and (v) anyother funds orincome received bythe Bankwhich (v)כלכס ף אוהכנסהאחריםשהתקבלועלידיהבנקשאינם do notformpart ofits Special Funds resources referred to in מהוויםחלקממשאביהקרנותהמיוחדותשלוכ נזכר בסעיף20 Article 20 ofthis Agreement. להסכםזה. Chapter III פרקIII פעולות OPERATIONS Article 8 סעיף8 שימוש במשאבים RESOURCES OF USE The resources and facilities ofthe Bank shall beused המשאביםוהמתקניםשלהבנקישמשואךורקליישוםהמטרה exclusivelyto implement the purpose and functions set forth והתפקידים המפורט ים בהתאמהבסעיפים1ו-2 להסכםזה. respectivelyin Articles 1 and 2 ofthis Agreement. Article 9 סעיף9 פעולותרגילותומ OPERATIONSSPECIAL AND ORDINARY יוחדות 1. The operationsofthe Bank shallconsist ofordinary 1.פע ולותהבנק יהיומורכבו ת מפעולותרגילותומפעולות operations and special operations. מיוחדות. 2. Ordinaryoperations shall be those financed fromthe 2 .פעו לותרגילות יהיואלההממומנ ותמ משאבי ההוןהרגיליםשל ordinarycapital resources ofthe Bank. הבנק. 3. Special operations shall be those financed fromthe 3.פעולותמיוחדותיהיואל ה הממומנותממשאביהקרנות Special Funds resources referred to in Article 20 ofthis המיוחדותהנזכרותבסעיף20 להסכםזה. Agreement. Article 10 סעיף10 הפרדתפעולות OPERATIONS OF SEPARATION 1. The ordinarycapital resources and theSpecial Funds 1.משאביההוןהרגיליםומשאביהקרנותהמיוחדותשלהבנק, בכל resources ofthe Bank shall at all times and in allrespects be עתומכלהבחינות,יוחזקו,י נוצל ו,יח יובו,יושקעואוייעשהבהם held,used, committed, invested or otherwise disposed o£ שימושאחר באופןנפרדלחלוטיןזה מזה.הפעולותהרגילות והפעולותהמיוחדותיוצגו בנפרד בדוחותהכספייםשלהבנק. entirelyseparate fromeach other.The financial statements of the Bank shall showthe ordinaryoperations and special operations separately. 2. The ordinarycapital resources ofthe Bank shallunder no 2 . על משאביההוןהרגיליםשלהבנק לאתוטלכלהתחייבות,ולא circumstances be charged with, or used to discharge, losses ישתמשובהםכדילמלאאחרהתחייבות,לשאתבהפסדיםאו or liabilities arising outofspecial operationsor other ב חבותהנוב עים מפעולותמיוחדותאו מ פעילויותאחרות ש לגביהן activities for which Special Fundsresources were originally במקור השתמשואוחייבו אתמשאבי קרנותמיוחדות. used orcommitted. 3. Expenses appertaining directlyto ordinaryoperations 3 .הוצאותהנוגעותישירותלפעילותהרגילה ייזקפולחובת משאבי shall be charged to theordinarycapital resources ofthe ההוןהרגיליםשלהבנק.הוצאותהנוגעותישירותלפעולות Bank. Expenses appertaining directlyto special operations מיוחדות ייזקפולחובתמשאביהקרנותהמיוחדות.כל הוצאה shall be charged to theSpecial Funds resources. Anyother אחרתתחויבכפישיקבעהבנק. expenses shall be charged as theBank shall determine. Article 11 סעיף11 מקבליםושיטותפעולה OPERATION OF METHODS AND RECIPIENTS Subject to the conditionsstipulated in thisAgreement, the בכפוףלתנאים הקבעויםבהסכםזה,הבנקרשאילספקאול סייע Bank mayprovide or facilitate financing to anymember, or במימוןלכלחברה, סוכנות, גוף אויחידתמשנה מדיניתשלו,או לכלישותאומיזםהפועליםבשטח ה שלחברה, וכן לסוכנויותאו anyagency, instrumentalityor political subdivision thereof, גופים בינלאומי יםאואזורי ים העוסקיםבפיתוחכלכלישלהאזור. or anyentityor enterprise operating in the territoryofa הבנקרשאי לפעולבכלאחתמהדרכיםהבאות: member, as well as to international or regional agencies or entities concerned with economic development ofthe region. The Bank may carryout its operationsin anyofthe following ways: (i) bymakingor participatingin direct loans with its (i) עלידימתןאוהשתתפותבהלוואותישירות עםההוןהמשולם unimpaired paid-in capital and, except as provided in Article הבלתימופחת, למעט לפיהוראות סעיף17 להסכםזה, באמצעות 17 ofthis Agreement, with its reserves and undistributed הרזרבות והעודפיםהבלתימחולקיםשלו;או באמצעות משאבי surplus;or with the unimpaired Special Funds resources; הקרנותהמיוחדות שלאנפגעו; (ii)bymakingor participatingin direct loans with funds ii ( ) על ידימתןאו השתתפותבהלוואותישירות בכספיםשגייס raised bythe Bank in capital markets or borrowed or הבנקבשו וקיההון,ש הבנקלווהאורכשבדרךאחרת לצורך otherwise acquired bythe Bank for inclusion in itsordinary הכללה במשאביההוןהרגילים שלו; capital resources; (iii) iii)עלידיהשקעתכספיםהאמוריםב-(i)ו-( ii byinvestment offunds referred to in (i)and (ii)of ( )לסעיףזהבהון this Article in the equitycapital ofan institution or העצמישלמוסדאומ יזם,ובלבדשלאתתבצעהשקעהכאמוראלא enterprise, provided no such investment shall be made until אחר ישמועצתהנגידים,בהצבעהשל רובהנגידים,המייצגיםרוב מכללכוחההצבעה שלה חברות,תקבעכיהבנקנמצאבעמדה after the Board ofGovernors, bya vote ofa majorityofthe המאפשרתלו להתחילבפעולותמסוגזה;או total number ofGovernors, representing a majorityofthe total voting power ofthe members, shall have determined that the Bank is in a position to commence such type of operations; or (iv) iv byguaranteeing, whether as primaryor secondary ( ) עלידימתן ערבות,ביןכ נושה ראשיאומשני,באופןמלאאו obligor, in whole or in part, loansfor economic חלקי, להלוואותלפיתוחכלכלישהבנק השתתףב הן. development participated in bythe Bank. Article 12 סעיף12 הגבלותעלפעולותרגילות OPERATIONS ORDINARY ON LIMITATIONS 1. The total amount outstandingofloans, equity 1 .הסכוםהכוללשלהלוואות,השקעותהוןוערבויותתלויות investments and guarantees made bythe Bank in itsordinary ועומדותשהבנקנת ןבמהלך פעולותיוהרגילהלאיעלהבכלעת על operations shallnot at anytime exceed the total amountofits הסכוםהכוללשלההון,הרזרבותוהעודפיםהנכלליםבמשאבי ההוןהרגיליםשלו,ל הוציאהרזרבה המיוחד תלפיהוראות סעיף17 unimpaired subscribed capital, reserves and surplus included להסכםזהועתודותאחרותשאינןזמינותלפעולותרגילות. in itsordinarycapital resources, exclusive ofthe special reserve provided forby Article 17 ofthis Agreement and other reserves not available for ordinaryoperations. 2. In the case ofloans made with fundsborrowed bythe 2 .במקרהשלהלוואות שבוצעובכספיםשהבנק לווהאשרחלה Bank to which the commitment to calls provided for by עליה םהתחייבותל דרישה לפי ס"ק5 לסעיף6 להסכםזה,הסכום paragraph 5 ofArticle 6 ofthis Agreement is applicable, the הכוללשלהקרןה עומדת לתשלוםלבנקבמטבעמסויםלאיעלה total amountofprincipal outstanding and payable to the בכלעתעלהסכוםהכוללשלקרןההלוואותשלהבנקש עליו לפרועבאותומטבע. Bank in a specific currencyshall not atanytime exceed the total amountofthe principalofoutstanding borrowings by the Bank that arepayable in the same currency. 3. In the case offunds invested in equitycapital outofthe 3 .במקרהשלכספיםשהושקעובהון עצמימחוץלמקורותההון ordinarycapital resources ofthe Bank, the total amount הרגיליםשלהבנק,הסכוםהכוללשהושקעלאיעלה עלעשרה(10 ) invested shall not exceed ten (10)per centofthe aggregate אחוזיםמהסכוםהמצטברשלההוןהמשולםשלהבנקשלא נפגע amountofthe unimpaired paid-in capital stock ofthe Bank שלהבנקששול םבפועל בכלזמןנתוןיחדעםהרזרבותוהעודפים הכלולים במשאביההוןהרגיליםשל ו,לה וציאהרזרבה המיוחד ת actuallypaid up at anygiven time together with the reserves לפיהוראות סעיף17 להסכםזה. and surplusincluded in its ordinary capital resources, exclusive of.the special reserve provided for in Article 17 of this Agreement. 4. The amount ofanyequityinvestment shall not exceed 4 . סכוםשל כלהשקעתהוןלאיעלה עלהאחוזמההוןהעצמישל such percentage ofthe equitycapital ofthe entityor הישות אוהמיזםהנוגעיםבדברכפישהדירקטוריוןיקבעלנכון בכל enterprise concerned as the Board ofDirectors shall in each מקרהספציפי.הבנקלאיבקשלהשיגבהשקעהכאמורגרעין שליטהבי י שותאובמ יזם הנוגעיםבדבר,אלאאםכןישצורך בכך specific case determine to be appropriate. The Bank shallnot כדיל הגן עלהשקעתושלהבנק. seek to obtain bysuch an investment a controlling interest in the entityor enterprise concerned,except where necessaryto safeguard the investment ofthe Bank. Article 13 סעיף13 אספקתמטבעותלהלוואותישירות LOANSDIRECT FOR CURRENCIESOF PROVISION In making direct loans orparticipating in them, the Bank במתןהלוואותישירותאובהשתתפותבהן,הבנקרשאיל ספק מימון mayprovide financing in anyofthe following ways: בכלאחתמהדרכיםהבאות: (i) byfurnishingthe borrower with currencies other thanthe (i) עלידי אספקה ללווהשל מטבעות שאינםהמטבעשלהחבר ה currencyofthe member in whose territorythe project שבשטח ה אמורלהתבצעהפרויקטהנוגעבדבר(המטבעהאחרון concerned is to be carried out (thelatter currencyhereinafter ייקראלהלן:"מטבעמקומי"),הנחוציםכדילעמודבעלויות to be called "local currency"), which are necessaryto meet המט"חשלפרויקטכ אמור ;או the foreign exchange costs ofsuch project; or (ii)byprovidingfinancingto meet local expenditures on the ii ( )על ידימתןמימוןלעמידהבהוצאותמקומיותעלהפרויקט project concerned, where it can do sobysupplying local הנוגעבדבר,כאשר ביכולתו לעשותזאתעל ידיאספקתמטבע currency without selling anyofits holdings in gold or מקומי בלילמכור חלקכלשהואב חזקותי ו בזהבאו במטבעות convertible currencies. In specialcases when, in the opinion ניתניםלהמרה.במקריםמיוחדיםשבהם,לדעתהבנק,הפרויקט ofthe Bank, theproject causes oris likelyto cause undue גורםאועלוללגרוםלהפסדאועומס יתרעלמאזןהתשלומיםשל ה חבר השבשטח ה אמורהפרויקטלהתבצע,את המימוןשניתן על loss or strain on the balance of payments ofthe member in ידיהבנקלעמ ידה בהוצאותמקומיות ניתןלספק במטבעותשאינם whose territorythe project is to be carried out, the financing אלהשלה חברהכאמור ;במקריםכאמור,סכוםהמימוןשניתן על granted bythe Bank to meet local expenditures maybe ידיהבנק למטרהזו לאיעלה עלחלק סבירמסךההוצאההמקומית provided in currencies other than that ofsuch member; in ש נגרמו עלידי הלווה. such cases, the amount ofthe financing granted bythe Bank for this purpose shallnot exceed a reasonable portion ofthe total local expenditure incurred bythe borrower. Article 14 סעיף14 OPERATINGPRINCIPLES עקרונות פעולה The operationsofthe Bank shallbe conducted in accordance פעולותהבנק י תנהל ובהתאםלעקרונותהבאים: with the following principles: (i) The operationsofthe Bankshallprovideprincipallyfor (i )פעולותהבנקיספקובעיקרמימוןלפרויקטיםספציפיים,לרבות the financing ofspecific projects, including those forming כאלההמהוויםחלקמתוכניתפיתוחלאומית,תת- אזוריתאו part ofa national, sub-regionalorregional development אזורית.עםזאת,ה ןעשוי ות לכלולהלוואותאוערבויותלהלוואות programme. They may, however, include loansto,or שניתנולבנקים לאומייםלפיתוחאו ליישויותמתאימ ותאחר ות, על guarantees ofloans made to, nationaldevelopment banks or מנתשהאחרוניםיוכלולממןפרויקטי פיתוחספציפייםשדרישות המימוןהאישיותשלהםאינן,לדעתהבנק,גדולותמספיקכדי other suitable entities, in order that the latter may finance להצדיקפיקוחישיר שלהבנק; specific development projects whose individual financing requirements are not, in the opinion of the Bank, large enough to warrant thedirect supervision ofthe Bank; (ii)In selectingsuitableprojects, theBankshall always be ii ( )בבחירתפרויקטיםמתאימים,הבנקיונחהתמיד ע ליד י הוראות guided bythe provisions ofsubparagraph (ii)ofArticle 2 of ii תת-ס"ק( )לסעיף2 להסכםזה; this Agreement; (iii) iii)הבנקלאיממןכלהתחייבותבשטח The Bank shall notfinance anyundertaking in the ( ה שלחברהאםאותה territoryofa member ifthat member objects to such חברהמתנגד ת למימוןכאמור; financing; (iv) iv Before a loan is granted, the applicant shall have ( לפנימתןהלוואה,)עלהמבקש להגישהצעתהלוואהנאותה submitted an adequate loan proposal and thePresidentofthe ועלנשיאהבנק ל הגישלדירקטוריוןדוחבכתבב יחסל הצעה, Bank shall have presented to theBoard ofDirectors a written בצירוףהמלצותיו עלבסיסמחקרשלסגל; report regarding the proposal, together with his recommendations,on thebasis ofa staffstudy; (v) In consideringanapplicationfor a loan or guarantee, the (v)בבחינתבקשהלהלוואהאוערבות,הבנקיביאבחשבון את Bank shall paydue regard to the abilityofthe borrower to יכולתושלהלווהלהשיגמימוןאוהקלותבמקוםאחרבתנאים obtain financing orfacilities elsewhere on terms and ובהתניות שהבנקרואה כסביריםעבורהמקבל,בהתחשב בכל הגורמיםהנוגעים בדבר; conditions thatthe Bank considers reasonable for the recipient, taking into account allpertinentfactors; (vi) vi In making or guaranteeing a loan,the Bank shallpay ( )במתןהלוואהאו ערבותלהלוואה,ישיםהבנקבחשבוןאת due regard to theprospects that the borrower and its הסיכוייםשהלווהוהערבשלו,אםיהיוכאלה,יהיומסוגליםלעמוד guarantor, ifany, will be in a position to meet their בהתחייבויותיהםלפיחוזהההלוואה; obligations underthe loan contract; (vii) vii)במתןהלוואהאוערבותלהלוואה,שיעורהריבית,החיובים In making or guaranteeing a loan,the rate ofinterest, ( other charges and the schedule for repayment ofprincipal האחרים ולוחותהזמנים להחזרהקרןיהיוכאלההמתאימים,לדעת shall be such as are, in theopinion ofthe Bank, appropriate הבנק,להלוואההנוגעת בדבר; for the loan concerned; (viii) In guaranteeinga loan made byother investors,or in viii ( ) בערבותלהלוואהשניתנה עלידימשקיעיםאחרים,או underwriting the saleofsecurities, the Bank shallreceive בחיתוםמכירתניירותערך,יקבלהבנקפיצויהולםע ל הסיכון שלו; suitable compensation for its risk; ix (ix) The proceeds ofanyloan, investment orother ( )ההכנסותמכלהלוואה,השקעהאומימוןאחרהמתקיימים financing undertaken in the ordinaryoperationsofthe Bank במהלךה פעו לותהרגיל ות שלהבנקאו מקרנותמיוחדותשהקים or with Special Funds established by the Bank pursuant to הבנקבהתאםל ס"ק1(i )לסעיף19,ישמשורקלרכישותבמדינות paragraph 1 (i)ofArticle 19, shall be used onlyfor החברותשלטובין ושירותיםהמיוצריםבמדינותהחברות,למעט procurement in member countriesofgoods and services בכלמקרהשבוהדירקטוריוןמחליט ברובשל הדירקטורים produced in member countries, except in anycase in which המייצגיםלאפחותמשנישלישיםמכוחההצבעההכוללשל the Board ofDirectors bya vote ofthe Directors ה חברות ,להתיררכשבמדינהשאי ננהחברהאושלטוביןושירותים representing not less than two-thirds ofthe total voting המיוצריםבמדינהשאינהחברהבנסיבותמיוחדותהמאפשרותרכש power ofthe members, determines to permit procurement in כאמור,כמובמקרהשלמדינהשאי ננהחברה ש בהניתןלבנק סכום a non-member countryor ofgoods and services produced in מימוןמשמעותי; a non-member countryin specialcircumstances making such procurement appropriate, as in the case of a non-member countryin which a significant amount offinancing has been provided to the Bank; (x) In the case ofa direct loan made bythe Bank, the (x )בהלוואהישירהשנתןהבנק,הבנק יתיר ללווהלמשוךאת borrower shall be permitted bythe Bank to drawits funds כספיורקכדילעמודבהוצאות הקשורותלפרויקט ככלשהוצאו onlyto meet expenditures in connection with the project as בפועל; theyare actuallyincurred; (xi) xi The Bank shall take the necessary measures to ensure ( )הבנקינקוטבאמצעיםהנדרשים עלמנתלהבטיחשתמורת כל that theproceedsofanyloan made, guaranteed or הלוואהשנ יתנה, בערבותאובהשתתפותהבנק,תשמש רק למטרות participated in bythe Bank are used only for the purposes for שלשמןניתנהההלוואהותוךתשומת לבראויהלשיקולי ם כלכליים which the loan was granted and with due attention to ויעילות; considerations ofeconomyand efficiency; (xii) xii)הבנקישי The Bank shall paydue regard to the desirabilityof ( םלבל חשיבות של הימנעותמשימוש בכמותבלתי avoiding a disproportionate amount ofits resources being מידתיתממשאביולטובתחבר ה; used for thebenefit ofany member; (xiii) The Bankshall seekto maintain reasonable xiii ( הבנקישאףלשמורעלפיזורסבירבהשקעותיובהוןעצמי;) diversification in its investments in equitycapital; it shallnot והאלא יישאבאחריותלניהולכל י ישותאומ יזםשישל ו השקעה assume responsibility for managing anyentityor enterprise בהם,אלאאםישצורך בכךכדילהגן עלהשקעותי ו ;וכן in which it has an investment, except where necessary to safeguard its investments; and (xiv) The Bank shall be guidedbysound banking xiv)הבנקיונחהב ( פעולותיו עלפיעקרונותבנקאייםתקינים. principles in its operations. Article 15 סעיף15 TERMS AND CONDITIONS FOR DIRECTLOANS AND תנאיםוהגבלותעבורהלוואותישירותוערבויות GUARANTEES 1. In the case ofdirect loans made or participatedin or 1 .במקרהשלהלוואותישירות שהבנק ןתנאוהשתת ף בהןאו הלוואות שהבנקנתןלהןערבות,החוזה יקבע,בהתאםלעקרונות loans guaranteed bythe Bank, thecontract shallestablish,in הפעולההקבועיםבסעיף14 להסכםזהובכפוףלהוראות האחרות conformity with the operating principles set forth in Article שלהסכםזה,אתהתנאיםוההתניות להלוואהאו לערבותהנוגעים 14 ofthis Agreement and subjectto the other provisionsof בדבר,לרבותאלההנוגעיםלתשלוםקרן,ריביתוחיוביםאחרים, this Agreement, the terms and conditionsfor the loan or the מועדיפירעוןומועדיתשלוםביחס ל הלוואה,אוהעמלותוהחיובים guarantee concerned, including those relating to payment of האחריםבגיןהערבות,בהתאמה.בפרטיקבעהחוזהכיבכפוף principal, interest and other charges, maturities, and dates of ל ס"ק3 לסעיףזה,כלהתשלומיםלבנקעלפיהחוזהיבוצעו payment in respect ofthe loan,orthe fees and other charges במטבעה הלוואה,אלאאםכן,במקרהשלהלוואהישירהשניתנה in respect ofthe guarantee, respectively. In particular,the אוהלוואהמובטחתבמסגרתפעולותמיוחדותעםכספיםהניתנים contract shallprovidethat, subject to paragraph 3 ofthis ii לפיס"ק1( )לסעיף19,הכלליםוהתקנותשלהבנקקובעים Article, all payments to the Bankunderthe contract shallbe אחרת.ערבויותשל הבנקיקבעוכיהבנקרשאיל סיים את made in the currencyloaned, unless, in the case ofa direct התחיי בותוב יחסלריביתאם, במקרהשלאיתשלוםמצד הלווה loan made or a loan guaranteed aspart ofspecial operations והערב,אם ישכזה ,הבנקיציעלרכוש,לפישוויו ב ריביתשנצ ברה with funds provided under paragraph 1 (ii)ofArticle 19, the עדלתאריךהקבוע בהצעה, אגרותחוב אוהתחייבויותמובטחות rules and regulationsofthe Bankprovideotherwise. אחרות. Guarantees bythe Bank shall also providethat the Bank may terminate its liability with respect to interest if, upon default bythe borrower and the guarantor, ifany, the Bank offers to purchase, atpar and interest accrued to adate designated in the offer, the bondsor other obligations guaranteed. 2. Where the recipient ofloans or guarantees ofloans is not 2.מקוםשמקבל ת הלוואותאוערבויותלהלוואותאינ נהחבר ה, הבנק,רשאיכאשר נראהלו רצוי,לדרושמהחבר השבשטח ה יתבצע itselfa member, the Bank may, when itdeems it advisable, הפרויקטהנוגע בדבר,או מגורםציבוריאו מכל גוף שלאותה require that the member in whose territorythe project חברה המקובלעלהבנק, לערובלהחזרהקרןולתשלוםריבית concerned is to be carried out, ora public agencyor any וחיוביםאחריםעלההלוואהבהתאם לתנאיה. instrumentalityofthat member acceptable to the Bank, guarantee the repayment ofthe principal and the payment of interest and other charges on the loan in accordance with the terms thereof. 3. The loan orguaranteecontract shall expresslystate the 3 . חוזהההלוואה אוהערבותיצויןבמפורשבאיזומטבעיבוצעו כלהתשלומיםלבנקבמסגרתו.עםזאת,לבחירתהלווה,תשלומים currencyin which all payments to the Bank thereunder shall כאלהעשוייםלהתבצעתמידבזהבאובמטבעברהמרה. be made. At the option oftheborrower, however, such payments mayalways be made in gold or convertible currency. Article 16 סעיף16 COMMISSION AND FEES עמלה ואגרות 1. The Bank shall charge, in addition to interest, a 1.הבנקיגבה,בנוסףלריבית, עמלהעלהלוואותישירותש הואנתן commission on direct loans made or participated in as partof אוהשתתףבהןבמסגרת פעולותיו הרגילה. עמלהזו,שישלשלם its ordinaryoperations.This commission,payable מעתלעת,תחושבעלהסכום התלויועומדשל כלהלוואהאו periodically, shall be computed on the amountoutstanding השתתפותויהיהבשיעורשללאפחותמאחוזאחד(1 )לשנה,אלא אםכןהבנק,אחר י חמש(5)השניםהרא שונותל פעולותיו,החליט on each loan or participation and shall be at the rate ofnot להפחיתשיעורמינימליזהברובשל שנישלישים מחבר ותיו, less than one (1)per centper annum, unless the Bank, after המייצג ות לא פחותמשלושהרבעים מכללכוחההצבעהשל the first five (5) years ofits operations,decides to reduce this ה חברות. minimumrate bya two-thirds majorityofits members, representing not less than three-fourthsofthe totalvoting power ofthe members. 2. In guaranteeing a loan as partofits ordinaryoperations, 2. במתןערבותלהלוואהבמסגרת פעולותיוהרגיל ות,הבנקיגבה the Bank shall charge a guarantee fee, at a rate determined by דמי ערבות,בשיעורשיקבעהדירקטוריון,המשתלמתמעתלעת על the Board ofDirectors, payable periodicallyon the amount סכוםההלוואה התלויהועומדת. ofthe loan outstanding. 3. Other charges ofthe Bank in itsordinaryoperations and 3. הדירקטוריוןיקבעכלהיטלאחרשלהבנקבפעולותיוהרגילותוכל עמלה,תשלוםאוהיטלאחרבפעולותיוהמיוחדות. anycommission, fees or other charges in its special operations shallbe determined bythe Board ofDirectors. Article 17 סעיף17 רזרבהמיוחדת RESERVESPECIAL The amount ofcommissions and guarantee fees received by סכוםהעמלותודמיהערבויותשקיבל הבנקבהתאםלסעיף 16 the Bank pursuantto Article 16 ofthis Agreement shall be להסכםזהיוקצהכרזרבהמיוחדתאשרתישמרלעמידה בהתחייב ויותהבנקבהתאםלסעיף 18 להסכםזה. הרזרבההמיוחדת set aside as a special reserve which shallbe kept for meeting liabilitiesof the Bank in accordance with Article 18 ofthis תוחזקבצורהנזילהכפישהדירקטוריון רשאי להחליט. Agreement. The special reserve shall beheld in such liquid formas the Board ofDirectors maydecide. Article 18 סעיף18 METHODS OF MEETING LIABILITIES OF THE BANK שיטות ל עמידהבהתחייבויותהבנק 1. In cases ofdefault on loans made, participatedin or 1 . במקריםשלאיתשלוםהלוואות שהבנקנתן,השתת ףבהןאו ערבלהן ב פעולותיוהרגיל ות ,הבנק ינקוטבפעולות ככלשימצא guaranteed bythe Bank in itsordinaryoperations, the Bank לנכון ביחסלשינויתנאיההלוואה,למעטמטבעההחזר. shall take such action as it deems appropriate with respect to modifying the terms ofthe loan,other than the currencyof repayment. 2. The payments in discharge oftheBank's liabilities on 2 . תשלומיםבסילוק התחייבויותהבנק בהלוואותאוערבויותלפי iv borrowings or guarantees under sub-paragraphs (ii) and (iv) תת-ס"ק(i)ו-( ) לסעיף11 הניתנים לחיובכנגדמשאביההון ofArticle 11 chargeable to theordinarycapital resources הרגיליםיחויבו: shall be charged: (i) First, against the special reserve provided for in Article (i ראשית,)כנגדה רזרבה המיוחדתהאמורהבסעיף17 ; 17; (ii)Then, to the extent necessaryand at the discretion ofthe ii ( )לאחרמכן, ככלהנדרשולפישיקולדעתושלהבנק,כנגד Bank, against the other reserves, surplus and capital הרזרבות,העודפיםוההוןהאחריםהעומדיםלרשותהבנק. available to the Bank. 3. Whenever necessaryto meet contractual payments of 3.כ לאימתשישצורךלעמוד בתשלומיםחוזייםשלריבית,חיובים אחריםאו אמורטיזציה עלהלוואותשלהבנקב פעולותיוהרגיל ות, interest, other charges or amortization on borrowings ofthe אולעמוד בהתחייבויותיובגיןתשלומיםדומיםבגיןהלוואותשהוא Bank in itsordinaryoperations,or to meet its liabilities with ערבלהן ,המחויביםכנגד משאביההוןהרגיליםשלו,הבנקרשאי respect to similar payments in respect ofloans guaranteed by ל דרוש סכוםהולםמההון החתוםשלאנדרשבהת אםלס "ק6ו-7 it, chargeable to its ordinarycapital resources, the Bank may לסעיף6 להסכםזה; call an appropriate amountoftheuncalled subscribed callable capital in accordance with paragraphs 6 and 7 of Article 6 ofthis Agreement; 4. In cases ofdefault in respectofa loan made from 4. במקריםשלאיתשלוםביחסלהלוואות שהבנקנתן ,השתת ף בהן או ערבלהן בפעולותיוהרגיל ותהבנקרשאי ,אם הואסבורכי אי- borrowed funds or guaranteed bythe Bank as part ofits התשלוםעשוילהתמשך, לדרושסכוםנוסףמההוןהניתןלדרישה ordinaryoperations, the Bank may, ifit believes that the כא מור ,אשרלאיעלה בכלשנהאחת(1 )עלאחוז(1 )מסךכל default maybe oflong duration, call an additional amountof ה חתימותשלה חברותעלההוןכאמור,למטרותהבאות: such callable capitalnotto exceed in anyone (1) year one (1) per centofthe total subscriptionsofthe members to such capital, for the following purposes: (i) To redeembefore maturity, or otherwise discharge, the (i)לפדותלפניהפירעון,אול סלק בדרךאחרת,את התחייבותושל Bank's liabilityon all orpartofthe outstandingprincipal of הבנק בנוגעלקרן הת לויהועומדת,כולהאו חלקה,שלכלהלוואה anyloan guaranteed byit in respect ofwhich the debtor is in שהואערבלהשביחסאליההחייב אינומשלם ;וכן default; and (ii)To repurchase, orotherwise discharge, the Bank's ii ( )לרכושמחדש ,אול סלק בדרךאחרת,את התחייבותו שלהבנק liabilityon allorpart ofits own outstanding borrowing. עלה הלוואההתלויהועומדתשלו,כולהאו חלק ה. 5. Ifthe Bank's subscribed callable capital stock shall be 5.אםההוןה חתוםשלהבנקיי שרדבמלואובהתאםל ס"ק3ו-4 entirelycalled pursuant to paragraphs 3 and 4 ofthis Article, לסעיףזה,הבנקרשאי,במידתהצורך ו למטרותהמפורטותב ס"ק3 לסעיףזה,להשתמשאולהחליףאתהמטבעשל כלחברהללא the Bank may, ifnecessary for the purposes specified in ii paragraph 3 ofthis Article, use orexchange the currencyof הגבלה,לרבותכלהגבלהשהוטלהבהתאםל ס"ק2(i)ו-( ) לסעיף any member withoutrestriction, including anyrestriction 24 אולהמיראותו., imposed pursuant to paragraphs2 (i) and (ii)ofArticle 24. Article 19 סעיף19 קרנותמיוחדות FUNDSSPECIAL 1. The Bank may: 1 . הבנקרשאי: (i) set aside, bya vote oftwo-thirdsofthe totalnumber of (i להפריש,) ב החלטה ברוב שלשנישלישיםממספרהנגידים Governors, representing at least three-fourths ofthe total הכולל,המייצגיםלפחותשלושהרבעיםמכללכוחההצבעהשל voting power ofthe members, not more than ten (10) per ה חברות,לאיותרמעשרה(10 )אחוזיםכלאחד מחלק ההון cent each ofthe portion ofthe unimpaired paid-in capital of לתשלוםשלאנפגעשלהבנק ששילמו חברותלפיס "ק2(א)לסעיף the Bank paid bymembers pursuant to paragraph 2(a) of 6ומהחלקממנוששולםלפיס"ק2(ב)לסעיף6,ולהקיםשםבקרן מיוחדתאחתאויותר ;וכן Article 6 and oftheportion thereofpaid pursuant to paragraph 2(b)ofArticle 6, and establish there with oneor more Special Funds; and (ii)accept the administrationofSpecial Funds which are ii ( )לקבלאתניהולןשלקרנותמיוחדותאשרנועדולשרתאת designed to serve the purpose and come within the functions המטרהשלהבנקולבואבגדרהתפקיד יםשל ו. ofthe Bank. 2. Special Funds established bythe Bank pursuant to 2. בקרנותמיוחדות שהקיםהבנקבהתאםלס "ק1(i )לסעיףזה paragraph 1(i)ofthis Article may be used to guaranteeor ניתן ל השת משלמתן ערתוב אוהלוואות בעלות עדיפות פיתוח make loans ofhigh developmental priority, with longer גבוהה,עםמועדיפירעו ן ארוכיםיותר,תחילתפירעוןנדחיתארוכה maturities, longer deferred commencement ofrepayment and יותרושיעוריריביתנמוכיםמאלהשקבעהבנקל פעולותיוהרגיל ות. lower interest rates than those established bythe Bank for its ניתןלהשתמשבכספיםאלהגם בתנאיםו בהתניותאחרים,העולים ordinaryoperations. Such Fundsmayalso be used on such בקנהאחדעםההוראותהחלותשלהסכםזהוגם עםהאופישל other terms and conditions,not inconsistent with the קרנותכ אמור כקרנות מסתובבות,כפישהבנק עשוי להורות בהקימו קרנות כאמור. applicableprovisions ofthis Agreement nor with the character ofsuch Funds as revolving funds, as the Bank in establishing such Fundsmaydirect. 3. Special Funds accepted bythe Bank under paragraph 1 ii 3.ניתןלהשתמשבכספיםמיוחדיםשהבנקמקבללפיס "ק1( ) (ii) ofthis Article may be used inany manner and on any לסעיף זהבכלדרךובכלתנאיוה תניההעוליםבקנהאחדעםמטרת terms and conditionsnotinconsistent with thepurposeofthe הבנקועםההסכםהמתייחסלקרנות כאמור. Bank and with the agreement relating to such Funds. 4. The Bank shall adopt such special rules and regulations 4 .הבנקיאמץכלליםותקנותמיוחדיםככלשיידרשולצורך as maybe required for the establishment, administration and ההקמה,הניהולוהשימוששל כלקרןמיוחדת.כללים ותקנות כאמוריעלו בקנהאחדעםהוראותהסכםזה,למעט ההוראות use ofeach Special Fund.Such rules and regulations shallbe החלות במפורשרקעלפעולותרגילותשלהבנק. consistent with the provisionsofthis Agreement, excepting those provisions expresslyapplicable onlyto ordinary operations ofthe Bank. Article 20 סעיף20 משאביקרנותמיוחדות RESOURCES FUNDSSPECIAL כמשמעותובהסכםזה,המונח"משאביקרנותמיוחדות"יתייחס Funds "Special term the Agreement, this in used As resources"shall refer to the resources ofanySpecial Fund למשאביםשלכלקרןמיוחדתויכלול: and shallinclude: (a) resources set aside fromthe paid-in capital to a Special (א)משאביםשהופרשומההון לתשלום לקרןמיוחדתאונתרמו Fund or otherwise initiallycontributedto anySpecial Fund; ת חילה בדרךאחרת לכל קרןמיוחדת; (b) funds accepted bythe Bank for inclusion in anySpecial (ב)כספיםשהבנקקיבללשםהכללה בכל קרןמיוחדת; Fund; (c) funds repaid in respectofloans orguarantees financed (ג)כספיםשנפרעובגיןהלוואותאו ערבויותהממומנות fromthe resources ofanySpecial Fund which,under the מהמשאבים שלכלקרןמיוחדתאשר,לפיהכלליםוה תקנותשל rules and regulationsofthe Bankgoverning that Special הבנקהמסדיריםאותהקרןמיוחדת,מתקבל יםעל ידיקרןמיוחדת כאמור; Fund, are received bysuch Special Fund; (d) income derived fromoperationsofthe Bank in which (ד)הכנסהשמקורהבפעולותהבנק שבהכלאחדמהאמורלעיל anyofthe aforementioned resources or funds are used or נעשהשימושאוהתחייבותבמשאביםאובכספיםאם, עלפי committed if, under the rules andregulations ofthe Bank הכללים והתקנותשלהבנקהמסדיריםאתהקרןהמיוחדתהנוגעת governing the Special Fund concerned, that income accrues בדבר,הכנסהזוצוברתלקרןמיוחדתזו;וכן to such Special Fund; and (e) anyother resources placed at thedisposalofanySpecial ה)כלמשאבאחרהעומדלרשותהשלכלקרןמיוחדת.( Fund. Chapter IV פרקIV BORROWING AND OTHER MISCELLANEOUS נטילתהלוואותוסמכויותשונות POWERS Article 21 סעיף21 סמכויות כלליות POWERSGENERAL In addition to the powers specified elsewhere in this נוסףעלה סמכויותהמפורטו תבמקו מותאחר ים בהסכםזה,לבנק Agreement, the Bank shallhave the power to: תהיההסמכות: (i) borrowfunds in member countries or elsewhere, and in (i)ללוותכספיםבמדינותחברות אובמקומותאחרים,ובהקשרזה this connection to furnish such collateral or other security להעמידבט ו חותאוב י טחונותאחרים לכךכפיש הבנקיקבע, therefore as the Bank shall determine, provided always that: בתנאי: (a) before making a sale ofits obligations in the territoryof א)( ש לפניביצועמכיר השל התחייבויותיובשטחמדינה,הבנק a country, the Bank shallhave obtained its approval; יקבל אתאישור ה; (b) where the obligationsofthe Bankare to bedenominated ב)( שמקוםשההתחייבויותשלהבנקיהיונקובותבמטבעשל in the currencyofa member, thebank shallhave obtained its חברה, הבנק יקבל אתאישור ה; approval; (c) the Bank shallobtain the approval ofthe countries ג)( ש הבנקיקבלאתאישורהמדינותה נזכרותבתת- ס"ק (א)ו- ב)( referred to in sub-paragraphs (a) and (b)ofthis paragraph לס"קז ה,ש ניתןלה מיראתההכנסות במטבעשל כלחברהללא that theproceeds maybe exchanged for the currencyofany הגבלה;וכן member withoutrestriction; and (d) before determining to sellits obligations in aparticular ד)(שלפנישיחליט למכוראתהתחייבויותיובמדינהמסוימת,הבנק country, the Bank shallconsider the amount ofprevious ישקולאת סכוםה הלוואה הקודמת,אםהייתהכזו,באותהמדינה, borrowing, ifany, in that country, the amountofprevious אתסכום ההלוואה הקודמת במדינות אחרותואתהזמינות האפשריתשלכספיםבאותןמדינותאחרות;וכן יתחשבכראוי borrowing in other countries, and the possible availabilityof בעקרוןהכללילפיוישלגווןאתהלוואותיובמידהרבהככל funds in such other countries; and shall give due regard to האפשרבאשר למדינת שבהלווים. the general principle thatits borrowings should to the greatest extent possiblebe diversified as to countryof borrowing. (ii) buyand sell securities the Bank has issued or guaranteed (2)לקנותולמכורניירותערךשהבנק הנפיקאו ערבלהם אוהשקיע or in which ithas invested, provided always that it shallhave בהם,ובלבדשיקבלתמידאתאישורהשלכלמדינהשבשטחה obtained the approval ofanycountryin whose territorythe אמורים לקנותאולמכוראתניירותהערך; securities are to bebought orsold; (iii)guarantee securities in which ithas invested in order to iii ( )לערובלניירותערךשהשקיע בהםכדילהקלעלמכירתם; facilitate their sale; (iv)underwrite, orparticipate in the underwriting of, iv ( לחתום,אולהשתתףבחיתום,) על ניירותערךשהנפ יקו כל securities issued byanyentityor enterprise for purposes יישותאומ יזםלמטר ותה עולותבקנהאחדעם מטרתהבנק; consistent with the purpose oftheBank; (v) invest funds, notneeded in itsoperations,in the (v )להשקיעכספים,שאינםנחוציםבפעולותיו,בשטחי חברות territories ofmembers in such obligations ofmembers or בהתחייבויותשל חברות או נתיניהן כפיהואעשוילקבוע,ולהשקיע nationals thereofas it maydetermine, and invest fundsheld כספיםהמוחזקיםבידיהבנקבפנסיותאובמטרותדומותבשטחי bythe Bank for pensionsor similar purposes in the territories חברות בניירותערךסחירים שהנפיקוחברות או נתיניהן; of members in marketable securities issued bymembers or nationals thereof; (vi)provide technical advice and assistance which serve its vi ( )לספקייעוץוסיועטכניהמשרתיםאתמטרתוובאים בגדר purpose and come within its functions, and where תפקידיו,ו מקוםש הוצאותש נצמחובאספקתשירותיםכאמוראינן expenditures incurred in furnishing such services are not ניתנותלהחזר,לחייבב הן אתההכנסהנטושלהבנק; בחמש(5 ) reimbursable, charge the net income ofthe Bank therewith; השניםהראשונותלפעולותיו,הבנקרשאילהשתמשבעדשני(2 ) in the first five (5) years ofits operations, the Bank mayuse אחוזיםמההוןלתשלוםשלו למתןשירותיםכאמור עלבסיסשל up to two (2)per centofits paid-in capital for furnishing אי-יכולתלהחזר,וכן such services on a non-reimbursable basis, and (vii) exercise such otherpowers and establish such rules vii)ל ( ממש סמכויותאחרותולקבוע כללים ותקנותככלשיהיו and regulations as maybe necessaryor appropriate in נחוציםאו מתאימיםלקידוםמטרתוותפקידיו,בהתאםלהוראות furtherance ofits purpose and functions, consistentwith the הסכםזה. provisions ofthis Agreement. Article 22 סעיף22 הודעהשישל SECURITIES ON PLACED BE TO NOTICE רשוםעלניירותערך Everysecurityissued or guaranteed bythe Bank shall bear כלניירערך ש הבנקמנפיקאוערבלו יישאעלפניוהצהרהבולטת on its face a conspicuous statement to the effect that it is not לפיהאיןמדוברבהתחייבותשלממשלהכלשהי,אלאאםכןאכן an obligation ofany Government, unless it is in fact the מדוברבהתחייבותשלממשלהמ סוימת,ובמקרה כאמורהדבר יצוין. obligation ofa particular Government, in which case it shall so state. ChapterV פרקV מטבעות CURRENCIES Article 23 סעיף23 DETERMINATION OF CONVERTIBILITY קביעתיכולת המרה Whenever it shall become necessaryunder this Agreement ככלשיתעוררצורךלפיהסכםזהלקבועאםמטבעכלשהובר to determine whether anycurrencyis convertible, such המרה,קביעהכאמורתיעשהע"יהבנקאחריהתייעצותעםקרן המטב עהבינלאומית. determination shallbe made bythe Bank after consultation with the InternationalMonetaryFund. Article 24 סעיף24 שימוש במטבעות CURRENCIES OF USE 1. Members maynot maintain or impose anyrestrictions on 1.הח ברותאינןרשאיותלקיים אולהטילהגבלות כלשהן על ה החזק ה אוהשימוש של הבנקאו של כל מקבלתשלום מהבנק, the holding oruse bythe Bank orbyanyrecipient fromthe עבור תשלומים בכלמדינה,שלה באים: Bank, for payments in anycountry, ofthe following: (i) gold orconvertible currencies received bythe Bankin (i )זהבאו מטבעותהניתניםלהמרה שקיבלהבנקבתשלוםחתימות payment ofsubscriptions to its capital stock,other than that להוןהמני ותשלו,להוציאאלהששילמו חברותלבנקלפיס "ק2 paid to the Bank by members pursuant to paragraph 2(b)of ii (ב)לסעיף6והמ וגבל יםלפיס "ק2(i)ו-( לסעיףזה;) Article 6 and restricted pursuant to paragraphs 2(i) and (ii)of this Article; ii (ii)currencies ofmembers purchased with the gold or ( )מטבעותשל חברות שנרכשובזהבאובמטבעותהניתנים convertible currencies referred to in the preceding sub- להמרההאמוריםבפסקתהמשנההקודמת; paragraph; (iii) iii currencies obtained bythe Bank byborrowing, ( )מטבעותשהשיגהבנקבהלוואות,לפי תת- ס"ק(1 )לסעיף 21 pursuant to sub-paragraph (i)ofArticle 21 ofthis להסכםזה,לצורךהכללהבמשאביההוןהרגיליםשלו; Agreement, for inclusion in its ordinarycapital resources; (iv) iv gold orcurrencies received bythe Bank in payment ( זהבאומטבעותשקיבלהבנקבתשלוםעלחשבוןקרן,ריבית,) on accountofprincipal, interest,dividends orother charges דיבידנדיםאוחיוביםאחריםבגיןהלוואותאוהשקעותשנעשומכל in respect ofloansor investments made out ofanyofthe אחדמהכספיםהאמוריםב תת- ס"ק (i )עד(iii)ל ס"קזה או funds referred to in sub-paragraphs (i) to (iii)ofthis בתשלוםעמלו תבגיןערבויותשניתנו עלידיהבנק;וכן paragraph or in payment offees in respect ofguarantees made bythe Bank; and (v (v) currencies, otherthanthe member's own currency, מטבעות,) שאינ םהמטבעשלה חבר העצמ ה ,שקיבל ההחבר ה received bythe member fromthe Bank in distribution ofthe מהבנקבחלוקתההכנסהנטושלהבנקבהתאםלסעיף40 להסכם net income ofthe Bank in accordance with Article 40 ofthis זה. Agreement. 2.Members may not maintain orimpose anyrestriction on 2.אסורל חברותל קיים אולהטילכלהגבלהעלהחזקהאושימוש the holding oruse bythe Bank orbyanyrecipient fromthe עלידיהבנקאועלידיכל מקבלתשלום מהבנק,עבור תשלומים בכלמדינה, במטבעשלחברה שקיבלהבנקשאינובאבגדרהוראות Bank, for payments in anycountry, of currencyofa member received bythe Bank which doesnot come within the הפסקההקודמת,אלאאםכן: provisions ofthepreceding paragraph,unless: (i) a developingmember country, after consultationwith (i)חבר השהיא מדינהמתפתחת,לאחרהתייעצותעםובכפוף and subject to periodic reviewbythe Bank, restricts in whole לביקורתתקופתיתשלהבנק,מגבילה באופןמלאאוחלקיאת or in part the useofsuch currency to payments for goods or השימושבמטבעכאמורלתשלומיםעבור טוביןאושירותיםשיוצרו services produced and intended for use in its territory; or ומיועדיםלשימושבשטחה;או (ii)anyother member whosesubscriptionhas been ii)כלחבר ( השהחתימה שלהנקבע ה בחלקא'לנספחא' להסכם determined in Part AofAnnex A hereofand whose exports ושי יצואהמוצריםהתעשייתייםשל ה אינומהווהחלקניכרמסך ofindustrial products do not represent a substantial הי יצואשל ה ,מפקיד ה עם כתבהאשרוראוהקבלהשל ה הצהרה proportion ofits total exports,deposits with itsinstrument of לפיהיה אמעוניי נתשהשימושבחלקמהחתימהשלה ששולם ratification or acceptance a declaration that itdesires the use בהתאםלס "ק2 (ב)לסעיף6יוגבל,כולואו חלקו,לתשלומיםעבור טוביןאושירותיםהמיוצריםבשטח ה ;ובלבדשהגבלותכאמור יהיו ofthe portion ofits subscription paid pursuantto paragraph כפופותלבדיקהתקופתיתשלהבנקולהתייעצותעםהבנקו שכל 2(b)ofArticle 6 to be restricted,in whole orin part, to רכישהשל טובין אושירותיםבשטח השלאות החב רה,בכפוף payments for goods or services produced in its territory; לשיקולהרגילשלמכרזיםתחרותיים,תחויבתחילהכנגדהחלק provided that such restrictionsbesubject to periodic review מהחתימהשלהששולםבהתאםלס"ק2 (ב)לסעיף6;או byand consultation with the Bank and that anypurchases of goodsor services in the territoryofthat member, subject to the usualconsideration ofcompetitive tendering, shall be first charged against the portion ofits subscription paid pursuant to paragraph 2(b) ofArticle 6; or (iii) iii such currencyforms part ofthe Special Funds ( )מטבעזהמהווהחלקממשאביהקרנותהמיוחדותשלהבנק resources ofthe Bank available under paragraph l(ii)of (ii) הז מיניםלפיס"ק1 לסעיף19 והשימושבוכפוףלכללים Article 19 and its use is subject to special rules and ותקנותמיוחדים. regulations. 3. Members maynot maintain or imposeanyrestrictions on 3 .חברות אינןרשאיות לקייםאולהטילמגבלותכלשהן על ה החזק ה אוהשימוש בידיהבנק,לצורךביצועתשלומי the holding oruse bythe Bank, for making amortization אמורטיזציה, תשלומי ציפיי האורכישהחוזרת שלהתחייבויות payments or anticipatorypayments or for repurchasing in הבנקעצמו, כולןאוחלקן, שלמטבעותשקיבלהבנקלפירעון whole or in part the Bank's own obligations,ofcurrencies הלוואותישירותשנעשו מתוךמשאביההוןהרגיליםשלו, אולם received bythe Bank in repayment ofdirect loans made out בתנאישעדשמלאיההוןהניתןלרכישהשלהבנקיידרש במלואו, ofits ordinarycapital resources, provided,however, that החזקהאושימושכאמוריהיוכפופיםלכלמגבלהשהוטלהבהתאם untilthe Bank's subscribed callable capital stock has been לס "ק2(i)לסעיףזהל הוציא ביחסלהתחייבויותלתשלוםבמטבע entirelycalled, such holding or use shall be subject to any שלהחבר ההנוגע ת בדבר. limitations imposed pursuantto paragraph 2(i) ofthisArticle except in respect ofobligations payable in the currencyof the member concerned. 4. Gold or currenciesheld bythe Bankshall notbe used by 4 .זהבאומטבעותשבידיהבנקלאישמשואתהבנקלרכישת מטבעותאחריםשל חברות אושאינן חברותל מעט: the Bank to purchase other currencies of members or non- members except: (i) in order to meet its obligations in the ordinarycourse of (i)עלמנתלעמודבהתחייבויות יובמהלך ה עסקי םהרגיל;או its business; or (ii)pursuant to a decision ofthe Board ofDirectors adopted ii)לפיהחלטתהדירקטוריוןשהתקבלהברוב ( שלהדירקטורים bya vote ofthe Directors representingnotless than two- המייצגיםלאפחות משנישלישים מכללכוח ההצבעהשלה חברות. thirdsofthe total voting power ofthe members. 5. Nothing herein contained shallprevent the Bank from 5 .אין דבר שימנעמהבנקלהשתמש במטבעשלחברה כלשהו using the currencyofany member for administrative עבורהוצאותמינהליות שלה בנקבשטח ה של חברהכאמור. expenses incurred bythe Bank inthe territoryofsuch member. Article 25 סעיף25 MAINTENANCE OF VALUE OF THE CURRENCY שמירה עלערךאחזקותהמטבעשלהבנק HOLDINGS OF THE BANK 1. Whenever (a) the par value in the International Monetary 1 .בכל עת ש(א)הערךהנקובבקרןהמטבעהבינלאומיתשל Fund ofthe currencyofa member is reduced in terms ofthe המטבעשלחברה מופחת במונחיםשלהדולר כהגדרתו בסעיף4 להסכםזה,או(ב) לדעתהבנק,אחר י התייעצותעםקרןהמטבע dollardefined in Article 4 ofthisAgreement, or (b) in the הבינלאומית,ערך שערהחליפין של מטבעשלחברהירדבמידה opinion ofthe Bank, after consultation with the International ניכרת, אותהחברהשתלםלבנקתוךזמןסבירסכוםנוסף ב מטבע MonetaryFund, the foreign exchange value ofa member's שלה הנדרשלשמירה עלערכושל כלהמטבעהאמורשבידיהבנק, currencyhas depreciated to a significant extent, that member להוציא א)(מטבע ה מוחזקבבנקכתוצאהמהלוואות יו,ו- (ב)אלא shall payto the Bank within a reasonable time an additional אםכןנקבעאחרתבהסכם המכונןקרנותכאמור,משאביקרנות amountofits currencyrequired to maintain the value ofall ii מיוחדותהמקובלים עלידיהבנקלפי ס "ק1( )לסעיף 19 . such currencyheld bythe Bank, excepting (a) currency derived bythe Bank fromits borrowings and (b)unless otherwise provided in the agreement establishing such Funds, Special Funds resources accepted bythe Bank under paragraph 1(ii)ofArticle 19. 2. Whenever (a) the par value in theInternational Monetary 2 . בכלעתש(א)הערךהנקובבקרןהמטבעהבינלאומיתשל Fund ofthe currencyofa member is increased in terms of ה מטבע שלחברהמוגדל במונחיהדולר כאמור,או(ב)לדעתהבנק, the said dollar,or (b) in the opinion ofthe Bank, after אחר י התייעצותעםקרןהמטבעהבינלאומית,ערך שערהחליפ ין שלמטבעשלחברה עלהבמידהניכרת,ה בנקישלםל אותהחברה consultation with the International MonetaryFund, the תוךזמןסביר סכום באותומ טבע הנדרשלשמירהעלערכושלכל foreign exchange value ofa member's currencyhas המטבעהאמורשבידיהבנק,ל הוציא (א)מטבע המוחזקב בנק appreciated to a significant extent, the Bank shallpayto that כתוצאהמהלוואות יו,ו- (ב)אלאאםכןנקבעאחרתבהסכםהמכונן member within a reasonable time an amount ofthat currency קרנותכאמור,משאביקרנותמיוחדות המקובלים עלידיהבנקלפי required to adjustthe value ofallsuch currencyheld bythe ii ס"ק1( )לסעיף 19 . Bank excepting (a) currencyderived bythe Bank fromits borrowings, and (b)unless otherwise provided in the agreement establishing such Funds, Special Funds resources accepted bythe Bank underparagraph 1(ii)ofArticle 19. 3. The Bank may waive the provisions ofthis Article when 3 .הבנקרשאילוותרעלהוראות סעיף זהכאשרחלשינוימידתי a uniformproportionate change in thepar value ofthe אחידבערךהנקובשלהמטבעותשלכלחבר ותיו. currencies ofall its members takes place. Chapter VI פרקVI ארגוןוניהול MANAGEMENT AND ORGANIZATION Article 26 סעיף26 מבנה STRUCTURE The Bank shall have a Board ofGovernors, a Board of לבנקיהיומועצתנגידים, דירק טוריון,נשיא,סגןנשיאאחדאויותר Directors, aPresident, one or more VicePresidentsand such ונושאימשרהו אנשיסגל אחריםככל שיי מצאלנכון. otherofficers and staffas maybe considered necessary. Article 27 סעיף27 מועצתהנגידי COMPOSITION GOVERNORS: OF BOARD ם:הרכב 1. Each member shall be represented on the Board of 1 .כלחברהתיוצגבמועצתהנגידיםותמנהנגידונגידחליפי. Governors and shall appointoneGovernor and one alternate. כלנגידו נגידחליפיישרתוכרצונהשלהחברההממנה. נגיד Each Governor and alternate shallserve at the pleasure ofthe חליפיאינורשאילהצביעאלאבהעדרהנ גיד.במפגשה שנתי appointing member. No alternate mayvote except in the שלהבנק,תמנההמועצהנגידמביןהנגידיםלתפקיד יו"ר absence ofhis principal. At its annual meeting, the Board אשרישמשבתפקידועדלבחירתהיו"ר הבאוהמושבהשנתי shall designate one ofthe Governors as Chairman who shall הבאשלהמועצה. hold office until the election ofthe next Chairman and the next annual meeting ofthe Board. 2. Governors and alternates shall serve as such without 2.נגידיםו נגידיםחליפיים יכהנוככאלהללאשכרמהבנק,אולם remuneration fromthe Bank, butthe Bank maypaythem הבנקרשאילשלםלהםהוצאותסבירות כתוצאהמהשתתפות ב מפגשים. reasonable expenses incurred in attending meetings. Article 28 סעיף28 מועצתהנגידים:סמכויות POWERS GOVERNORS: OF BOARD 1. All the powers ofthe Bankshallbe vested in the Board 1 .כלסמכויותהבנקיהיונתונות בידימועצתהנגידים. ofGovernors. 2. The Board ofGovernors maydelegate to the Board of 2. מועצתהנגידיםרשאיתלאצול לדירקטוריון את סמכויותיה, כולןאוחלקן,למעטהסמכות: Directors anyor all its powers, except the power to: (i) admit new members and determine the conditionsof (i) לקבלחברות חדשותולקבועאתתנאי קבלתן; their admission; (ii)increaseor decreasethe authorized capital stockofthe ( ii ) להגדילאולהפחיתאתההוןהיסודי המאושרשלהבנק; Bank; (iii) ( iii ) להשעותחברה; suspend a member; (iv) ( iv )להכריעבערעורים עלפרשנויותאויישומיםשלהסכםזהשנת ן decide appeals frominterpretations or applicationsof הדירקטוריון; this Agreement given bythe Board of Directors; (v) authorizethe conclusionofgeneral agreements for co- (v) להתיראתעשייתםשלהסכמיםכללייםלשיתוףפעולהעם ארגוניםבינלאומייםאחרים; operation with other internationalorganizations, (vi) ( vi ) לבחוראתהדירקטוריםואתנשיאהבנק; elect the Directors and thePresident ofthe Bank; (vii) ( vii ) לקבועאתשכרהדירקטוריםוהדירקטורים חהלי פיים ואת determine the remuneration oftheDirectors and their alternates and the salaryand other terms ofthe contract of המשכורתותנאיהשירותהאחריםשלהנשיא; service ofthePresident; (viii) approve, after reviewingthe auditor's report,the ( viii ) לאשר,אחריקבלתדוחהמבקרים,אתהמאזןהכלליואת הצהרתהרווחוההפסדשלהבנק; general balance sheet and the statement ofprofit and loss of the Bank; (ix) ( ix ) לקבועאתהרזרבותואתחלוקתהרווחיםנטושלהבנק; determine the reserves and thedistribution ofthenet profits ofthe Bank; (x) amend thisAgreement; (x) לתקןהסכםזה; (xi) ( xi )להחליט עלסיוםפעולותיושלבנקוחלוקתנכסיו;וכן decide to terminate the operationsofthe Bank and to distribute its assets; and (xii) ( xii ) לממשכלסמכותאחרתהניתנת במפורשלמועצתהנגידים exercise such otherpowers as are expresslyassigned בהסכםזה. to the Board ofGovernors in thisAgreement. 3. The Board ofGovernors shall retain full power to 3 .מועצתהנגידיםתחזיקב סמכות מלאה בכלענייןהמואצל לדירקטורי וןלפי ס"ק2לסעיףזה. exercise authorityover any matter delegated to the Board of Directors under paragraph 2 ofthis Article. 4. For the purposes ofthis Agreement, the Boardof 4.למטרותהסכםזה,מועצתהנגידיםרשאית,ב החלטה ברוב של שנישלישיםממספרהנגידיםהכולל, המייצגיםלאפחותמשלושה Governors may, bya vote oftwo-thirdsofthe total number רבעיםמכללכוח ההצבעהשלה חברות,לקבועמעתלעתאילו ofGovernors, representingnotless than three-fourthsofthe מדינותאוחברותבבנקישלראותכמדינותאוחברותמפותחותאו total voting power ofthe members, fromtime to time מתפתחות,תוךהתחשבותבשיקולים כלכלייםמתאימים. determine which countries or members ofthe Bank are to be regarded as developed ordeveloping countries or members, taking into account appropriate economic considerations. Article 29 סעיף29 מועצתהנגידים:נוהל PROCEDURE GOVERNORS: OF BOARD 1. The Board ofGovernors shall hold an annualmeeting 1. מועצתהנגידיםתקייםמפגששנתיומפגשיםאחרים ככל and such other meetings as maybe provided for bythe Board שתקבעהמועצהאויזמןהדירקטוריון.מפגשימועצת הנגידים or called bythe Board ofDirectors. Meetings ofthe Board of יזומנו,ע"יהדירקטוריון,בכלעתשיבקשוזאתלאפחותמחמש(5 ) מחברותהבנק. Governors shall be called,bythe Board ofDirectors, whenever requested byfive (5) members ofthe Bank. 2. A majorityofthe Governors shallconstitute a quorum 2. רובשל הנגידיםיהוו המנייןחוקילכלמפגששלמועצת for any meeting ofthe Board ofGovernors,provided such הנגידים,ובלבדשהרובהאמורמייצגלאפחותמ שנישלישיםמסך majorityrepresents not less than two-thirds ofthe total כוח ההצבעהשלהחברות. voting power ofthe members. 3. The Board ofGovernors maybyregulation establish a 3. מועצתהנגידיםרשאיתבתקנהלקבוע בתקנה נוהלשלפיו procedure wherebythe Board ofDirectors may, when the הדירקטוריוןרשאי,מקוםשנראה לאחרון כיפעולהזורצויה,לקבל latter deems such action advisable, obtain a voteofthe הצבעהשלהנגידיםבשאלהמוגדרת בלילזמןמפגששלמועצת הנגידים. Governors on a specific question without calling a meeting ofthe Board ofGovernors. 4. The Board ofGovernors, and theBoard ofDirectors to 4 . מועצתהנגידים,והדירקטוריוןבמידהשיותרלו,רשאי םלהקים the extent authorized,may establish such subsidiarybodies גופימשנהככלשיהיודרושיםאומתאימיםלניהולעסק יהבנק. as maybe necessaryor appropriate to conduct thebusiness ofthe Bank. Article 30 סעיף30 הדירקטוריון:הרכב COMPOSITION DIRECTORS: OF BOARD 1. (i)The Board ofDirectors shall be composed often (10) i)הדירקטוריון 1 (. יור כבמעשרה(10 )חבר יםשלא יהיו חבר ים members who shall notbe members ofthe Board of במועצתהנגידים,אשרמ תוכם: Governors, and ofwhom: (a) seven (7) shall be electedbythe Governors representing (א)שבעה(7 )ייבחרועלידיהנגידים המייצגים חברותאזוריות ;וכן regional members; and (b) three (3)bythe Governors representingnon-regional (ב)שלושה(3 ) עלידיהנגידיםהמייצגים חברות שאינןמהאזור. members. Directors shall bepersonsofhigh competence in economic דירקטוריםיהיובעלימיומנותגבוההבעני יניםכלכליים and financial matters and shall beelected in accordance with ופיננסייםוייבחרובהתאםלנספחב' להסכם. Annex B hereof. (ii) At the Second AnnualMeeting ofthe Board of ii ( )במפגש השנתיהשנישלמועצתהנגידים אחר ימושבהפתיחה, Governors after its inaugural meeting, the Board of מועצתהנגידיםתבחןאתגודלווהרכבושלהדירקטוריון,ו תגדיל Governors shall reviewthe size and composition ofthe אתמספרהדירקטוריםבהת אםלצורך,תוךהתייחסותמיוחדת Board ofDirectors, and shallincrease the number of לר ציות,בנסיבות התקופה,שלהגדלתהייצוג בדירקטוריון של Directors as appropriate, paying special regard to the מדינותחברות השןמדינותקטנותפחות מפותחות.החלטותלפי desirability, in the circumstances at that time, ofincreasing ס"קהזצ ריכותלהתקבלבהצבעהשלרוב הנגידים,המייצגיםלא representation in the Board ofDirectors ofsmaller less פחותמשנישלישיםמכללכוח ההצבעהשלה חברות. developed member countries. Decisions underthisparagraph should be made bya vote ofa majorityofthe totalnumber of Governors, representing not less than two-thirds ofthe total voting power ofthe members. 2. Each Director shall appointan alternate with full power 2 .כלדירקטור ימנהדירקטורחליפיבעלסמכותמלאהלפעול בשמוכשאינונוכח.דירקטוריםו חליפיהםיהיואזרחימדינות to act for himwhen he is not present. Directors and חברות. שנידירקטוריםאויותרלאיהיובעליאותהאזרחותוגם alternates shall be nationalsofmember countries. No two or שנידירקטוריםחליפייםאויותרלאיהיובעליאותהאזרחות. more Directors may be ofthe same nationalitynor mayany דירקטורחליפי רשאילהשתתףב ישיבותהד ירקטוריוןאולםרשאי two or more alternates be ofthe same nationality. An להצביערקכאשרהואפועלבמקוםה דירקטורהעיקרי. alternate mayparticipate in meetings ofthe Board but may vote onlywhen he is acting in place ofhis principal. 3. Directors shall hold office for a termoftwo (2) years and 3 .דירקטוריםיכהנולתקופהשלשתי(2 )שנים כאשר ניתןלבחור בהםמחדש;הםימשיכו לכןהעדש מחליפיהםייבחרווייכנסו maybe re-elected. Theyshall continue in office until their לתפקידם.אםמתפנהמשרתדירקטוריותרממאהושמונים( 180 ) successors shall have been chosen and qualified. Ifthe office ימיםלפניתוםכהונתו,ייבחריורשבהתאםלנספחב'לשארית ofa Director becomes vacant more than onehundred and תקופתהכהונה,על ידיהנגידיםשבחרובדי רקטורלשעבר,ברוב eighty(180) days before the end ofhis term, a successor קולותהנגידיםהאמורים.אםמתפנה משרתדירקטורמאהושמונים shall be chosen in accordance with Annex B hereof, for the ( 180 )ימיםאו פחותלפניתוםכהונתו,ניתןלבחורבאופןדומה remainder ofthe term, bythe Governors who elected the במחליף לשאריתתקופתהכהונה,בקולותיהםשלהנגידיםשבחרו former Director. A majorityofthe votes cast bysuch בדירקטורלשעבר,ובבחירותכאמוריידרשרובשלהנגידים Governors shall be required for such election. Ifthe office of האמורים.כלעודהמשרהפנויה,הדירקטורהחליפישל הדירקטור a Director becomes vacant one hundred and eighty(180) לשעבר יפעיל את סמכויותיושלהאחרון,למעטאלהשלמינוי days or less before the end ofhisterm, a successor may דירקטורחליפי. similarlybe chosen for the remainder oftheterm, by the Governors who elected the former Director, in which election a majorityofthe votes cast bysuch Governors shall be required. While the office remains vacant, the alternate of the former Director shall exercise the powers ofthe latter, except that ofappointing an alternate. Article 31 סעיף31 הדירקטוריון:סמכויות POWERS DIRECTORS: OF BOARD The Board ofDirectors shallbe responsible for thedirection הדירקטוריוןיהיהאחראילניהולהפעולותהכלליותשלהבנק, ofthe general operations ofthe Bank and, for this purpose, ולמטרהזו,נוסף עלהסמכויות ה מוקצו תלו במפורש בהסכםזה, יממשאתכלהסמכויותש אצלהלו מועצתהנגידים,ובעיקר: shall, in addition to the powers assigned to it expresslyby this Agreement, exercise all the powers delegated to itbythe Board ofGovernors, and in particular: (i) prepare the workofthe BoardofGovernors, (i) להכיןאתעבודתמועצתהנגידים; (ii)in conformity with the general directions ofthe Board of ( ii ) בהתאםלהנחיותהכלליותשלמועצתהנגידים,לקבלהחלטות בנוגעלהלוואות,ערבויות,השקעותהוןעצמי,נטילתהלוואות על Governors, take decisions concerning loans, guarantees, ידיהבנק,מתןסיועטכניופעולותאחרותשלהבנק; investments in equitycapital, borrowing bythe Bank, furnishing oftechnical assistanceand otheroperations ofthe Bank; (iii) ( iii ) להגישאתהחשבונותלכלשנת כספיםלאישורמועצתהנגידים submit the accounts for each financial year for בכלמפגששנתי;וכן approval ofthe Board ofGovernors at each annual meeting; and (iv) iv approve thebudget ofthe Bank. ( )לאשראת תקציבהבנק. Article 32 סעיף32 הדירקטוריון:נוהל PROCEDURE DIRECTORS: OF BOARD 1. The Board ofDirectors shallnormallyfunctionat the 1. הדירקטוריוןיפעלכדרךקבעב משרד יהמטהשלהבנקיו תכנס בתדירותהדרושהלניהולעסקיהבנק. principal office ofthe Bank and shall meet as often as the businessofthe Bank may require. 2. A majorityofthe Directors shall constitute a quorumfor 2. רובשל הדירקטוריםיהווהמנייןחוקיבכלישיבהשל הדירקטוריון,ובלבדשרובכאמורמייצגלאפחותמשנישלישים any meeting ofthe Board ofDirectors, provided such מסךכוחההצבעהשלהחברות. majorityrepresents not less than two-thirds ofthe total voting power ofthe members. 3. The Board ofGovernors shall adopt Regulations under 3. מועצתהנגידיםת אמץתקנותאשרלפיהן,אםאיןדירקטור מהלאוםשלה,חברהרשאיתלשלוחנציגלהשתתף,בליזכות which, ifthere is no Director ofits nationality, a member להצביע,בכלישיבהשלהדירקטוריוןאשרנדוןבוענייןהמשפיע maysend a representative to attend, without rightto vote, ב אופןאישיעלאותהחברה. any meeting ofthe Board ofDirectors when a matter particularlyaffecting that member is under consideration. Article 33 סעיף33 הצב VOTING עה 1. The total voting power ofeach member shall consistof 1 .כוחההצבעההכוללשלכלחברהיורכבמסכוםהקולות the sumofits basic votes and proportional votes. הבסיסייםוהקולותהיחסייםשל ה. (i) The basic votes ofeach member shall consistofsuch (i )הקולותהבסיסייםשלכלחברהיהיומורכביםממספרהקולות number ofvotes as results fromthe equaldistribution among הנובעמחלו קהשווהבין כלה חברות שלעשרים(20 )אחוזים all the members oftwenty(20) per cent ofthe aggregate sum מהסכוםה מצטברשל הקולותהבסיסייםוהקולותהיחסייםשל כל ofthe basic votes and proportional votes ofall the members. ה חברות. (ii)The number ofthe proportionalvotes ofeach member ii ( )מספרהקולותהיחסייםשל כלחברהיהיהשווהלמספרהמניות shall be equal to thenumber ofshares ofthe capital stock of בהוןהיסוד שלהבנקשבידי אותהחברה. the Bank held bythat member. 2. In votingin the Board ofGovernors, each Governor shall 2 .בהצבעהבמועצתהנגידים,כלנגיד יהיהרשאילהצביע בקולותי השלהחבר השהואמייצג.ל הוציא אםנקבעבמפורש be entitled to cast the votes ofthemember he represents. אחרת בהסכם זה, כלהעניינים שבפנימועצתהנגידיםיוכרעוברוב Except as otherwise expresslyprovided in this Agreement, שלכוחההצבעההמיוצגבמפגש. all matters before the Board ofGovernors shallbe decided bya majorityofthe voting power represented at the meeting. 3. In votingin the Board ofDirectors, each Director shall 3 .בהצבעהבדירקטוריון, כלדירקטור יהיהרשאילהצביע במספר הקולותשנספרולבחירתו, אשראיןצורךלהצביעבהם כ אחד. be entitled to cast the number ofvotes that counted towards להוציאאםנקבעבמפורשאחרתבהסכםזה, כלהעניינים שבפני his election which votes need notbe cast as a unit.Except as מועצתהנגידיםיוכרעוברובשלכוח ההצבעההמיוצגב מפגש. otherwise expresslyprovided in this Agreement, all matters before the Board ofDirectors shall be decided bya majority ofthe voting power represented at the meeting. Article 34 סעיף34 הנשיא PRESIDENT THE 1. The Board ofGovernors, bya vote ofa majorityofthe 1. מועצתהנגידים,בהחלטהשלרוב הנגידים, המייצגיםלאפחות total number ofGovernors, representing not less than a מרובכוח ההצבעהשלהחברותהמצביעות,תבחרנשיאלבנק. הוא יהיהאזר ח מדינהשהיאחברהאזורית.הנשיא,בעודומכהן majorityofthe total voting power ofthe members, shall elect בתפקידו,לאיהיהנגידאודירקטוראומחליף. a presidentofthe Bank. He shallbe a nationalofa regional member country. The President,while holding office, shall notbe a Governor or a Directoror an alternate for either. 2. The termofoffice ofthe President shall be five (5) years. 2. הנשיאיכהןלמשךחמש(5 )שנים.הוארשאילהיבחרמחדש. He maybe re-elected. He shall, however, cease to hold office אולםהואיחדללכהןבתפקידובהחלטהשלמועצתהנגידיםברוב when the Board ofGovernors so decides bya vote oftwo- שללאפחותמשנישלישיםמהנגידים, המייצגיםלאפחותמשני thirdsofthe total number of Governors, representing not less שלישיםמכוח ההצבעהשלהחברות.התפנתהמשרתהנשיא than two-thirdsofthe total votingpower ofthe members. If מס יבהכלשהי למעלהממאהושמונים(180 )ימיםלפניתוםתקופת the office ofthe President for anyreason becomes vacant הכהונה,יבחריורש למשךשאריתתקופתהכהונהעלידימועצת הנגידיםבהתאםלהוראותפסקה1לסעיףזה. אם התפנתההמשרה more than onehundred and eighty(180) days before the end כאמורמסיבה כלשהימאהושמונים(180 )ימיםאו פחותלפניתום ofhis term, a successor shall be elected for the unexpired תקופתהכהונה, מועצתהנגידיםרשאיתלבחורבאופןדומה portion ofsuch termbythe Board of Governors in במחליףלחלקהתקופהשלאהסתייםכאמור. accordance with the provisionsofparagraph 1 ofthis Article. Ifsuch office for anyreason becomes vacant one hundred and eighty(180)days or less before the end ofhis term, a successor maysimilarlybe elected for theunexpired portion ofsuch termbythe Board ofGovernors. 3. The Presidentshallbe Chairman ofthe Board of 3 .הנשיאיהיהיושבראשהדירקטוריוןאךלאיהיהלוקול,למעט Directors butshallhave no vote,except a deciding vote in קולמכריעבמקרהשל שי וויון.הוארשאילהשתתףבמפגשימועצת הנגידיםאךלאיצביע. case ofan equal division. He may participate in meetings of the Board ofGovernors but shallnot vote. 4. The Presidentshallbe thelegal representative ofthe 4 .הנשיאיהיה הנציגהמשפטישלהבנק. Bank. 5. The Presidentshallbe chiefofthe staffofthe Bank and 5 .הנשיאיהיהראש הסגלשלהבנקוינהל, בהנחיית הדירקטוריון, shall conduct, under the direction ofthe Board ofDirectors, אתעסקיוהשוטפיםשל הבנק.הואיהיהאחראילארגון,למינוי the currentbusiness ofthe Bank.He shall be responsible for ולפיטוריםשלפקידיםואנשיסגלבהתאםלתקנותשיאמץ הדירקטוריון. the organization, appointment and dismissal ofthe officers and staffin accordance with regulations adopted bythe Board ofDirectors. 6. In appointing the officers and staff, the President shall, 6 . במינוינושאיהתפקידיםואנשיהסגל,בכפוףלחשיבותהעליונה subject to theparamount importance ofsecuring the highest שלהבטחתהרמותהגבוהותביותרשליעילותומיומנותטכנית, standards ofefficiencyand technical competence, paydue יתחשב הנשיא כיאותבגיוסכוחאדםעלבסיסגיאוגרפירחב ככל regard to the recruitment ofpersonnelon as wide a regional האפשר. geographical basis as possible. Article 35 סעיף35 סגן(י)נשיא VICE-PRESIDENT(S) 1. One or more Vice-Presidentsshall be appointed bythe 1. הדירקטוריוןימנהסגןנשיאאחדאויותרלפיהמלצתהנשיא. Board ofDirectors on the recommendation ofthePresident. סגןנשיאיכהןלתקופה,יממש סמכותויבצעתפקידיםבניהול הבנק, כפי ש רשאיל קבעוהדירקטוריון.בהעדרואוב נבצרותושל Vice-President(s) shall hold office for such term, exercise הנשיא,סגן הנשיא,אואםישיותרמאחד,סגןהנשיאהבכיר,י פעיל such authorityand performsuch functions in the אתסמכויותהנשיאויבצעאתתפקידיו. administration ofthe Bank, as maybe determined bythe Board ofDirectors. In the absence or incapacityofthe President, theVice-Presidentor,ifthere be more than one, the rankingVice-President, shallexercise the authorityand performthe functionsofthePresident. 2. Vice-President(s) mayparticipate in meetings ofthe 2 . סגןנשיארשאילהשתתףבמפגשיהדירקטוריוןךאלאתהיהלו Board ofDirectors but shall haveno vote at such meetings, זכותהצבעהבמפגשיםאלה,אלא אםכןסגןהנשיאאוסגןהנשיא except that theVice-Presidentorranking Vice-President, as הבכיר,לפיהמקרה,יהיהרשאילהטילאתהקולהמכריעבעתימלוי the case maybe, shall cast the deciding vote when acting in מקוםהנשיא. place ofthePresident. Article 36 סעיף36 PROHIBITION OFPOLITICAL ACTIVITY: THE איסורעלפעילותפוליטית:האופיהבינלאומישלהבנק INTERNATIONALCHARACTER OF THE BANK 1. The Bankshall notaccept loansor assistance that mayin 1. הבנקלאיקבלקרנותמיוחדו תאוהלוואותאחרותאוסיוע העשוייםבדרךכלשהילפגוע,להטות ,להגבילאולשנות בדרך any wayprejudice, limit, deflect or otherwise alter its אחרתאתמטרתואותפקידיו. purpose orfunctions. 2. The Bank, its President,Vice-President(s),officers and 2.הבנק,נשיאו ,סגן(י)נשיא,נושאיהמשרהוהסגללאיתערבו בענייני ה הפוליטייםשלחברה,ולאיושפעובהחלטותיהםע לידי staffshall not interfere in the political affairs ofany member, האופיהפוליטישלהחבר ה הנוגעת בדבר.רקשיקוליםכלכליים nor shall theybe influenced in their decisionsbythe political יהיורלוונטייםלהחלטותיהם.שיקוליםכאמוריידונוללאמשוא character ofthe member concerned. Onlyeconomic פניםעלמנתלהשיגולמלאאתמטרתוותפקידיושלהבנק. considerations shallbe relevant to theirdecisions.Such considerations shallbe weighed impartiallyin order to achieve and carryout thepurposeand functionsofthe Bank. 3. The President,Vice-President(s),officers and staffofthe 3. הנשיא,סגן(י) ה נשיא,נושאיהמשרהוסגלהבנק,במילוי תפקיד יה ם,חביםחובתנאמנותמלאה כלפיהבנקולא לשוםרשות Bank, in the discharge oftheiroffices, owe their duty אחרת.כלחברהבבנק ת כבד אתהאופיהבינלאומישלחובהזו entirelyto the Bank and to no other authority. Each member תוימנעמכלניסיוןלהשפיעעלמימהםבמילויתפקידו. ofthe Bank shall respect theinternational character ofthis dutyand shall refrain fromall attempts to influence anyof themin the discharge oftheirduties. Article 37 סעיף37 מטה BANK THE OF OFFICE הבנק 1. The principaloffice ofthe Bankshall be located in 1.ה מטההראשישלהבנקיהיהממוקםבמנילה,הפיליפינים. Manila,Philippines. 2. The Bank mayestablish agencies or branch offices 2 הבנקרשאילהקיםסוכנויותאוסניפיםבמקוםאחר.. elsewhere. Article 38 סעיף38 CHANNELOF COMMUNICATIONS, DEPOSITORIES ערוץתקשורת, נפקדים 1. Each member shall designate an appropriateofficial 1. כלחברהתועידיישותרשמיתמתאימהשעמההבנקרשאי לתקשרביחסלכלענייןהמתעוררלפיהסכםזה. entity with which the Bank maycommunicate in connection with any matter arising under thisAgreement. 2. Each member shall designate its central bank,or such 2. כלחברה תועיד אתהבנקהמרכזי שלה,אומוסדאחרככל שיוסכםעםהבנק,כנפקד שאצלוהבנקרשאילהחזיקאתאחזקות other agencyas maybe agreed upon with the Bank, as a המטבע שלאותהחברהוכןנכסיםאחריםשלהבנק. depository with which the Bankmaykeep its holdingsof currencyofthat member as well as other assets ofthe Bank. Article 39 סעיף39 שפתעבודה,דוחות REPORTS LANGUAGE, WORKING 1. The workinglanguage ofthe Bankshall be English. 1 שפתהעבודהשלהבנקתהיהאנגלית.. 2. The Bankshall transmit to its members an Annual 2.הבנקיעבירלחבר ותיודוחשנתיהמכיל פירוט מבוקרשל חשבונותיוויפרסם אתהדוחכאמור. כמוכן י עבירהבנק מדירבעון Report containing an audited statement ofits accounts and לחבר ותוידוחמסכם עלמצב וה פיננסי ודוחרווחוהפסדהמציגאת shall publish such Report. Itshallalso transmit quarterlyto תוצאותפעולותי ו. its members a summarystatement ofits financial position and a profit and loss statement showing the results ofits operations. 3. The Bank may also publish such other reports as it 3 .הבנקרשאילפרסםגםדוחותאחרים ככלשימצאלנכון במילוי מטרתוותפקידיו.ד וחותכאמורי ועברולחבר ות הבנק. deems desirable in the carrying out ofitspurpose and functions.Such reportsshallbe transmitted to the members ofthe Bank. Article 40 סעיף40 הקצאתהכנסהנטו INCOMENET OF ALLOCATION 1. The Board ofGovernors shall determine annuallywhat 1 . מועצתהנגידיםתקבעמדישנהאיזהחלקמההכנסהנטושל הבנק,כוללההכנסהנטוהנצמחתלקרנותמיוחדות,תוקצה,אחרי part ofthenet income ofthe Bank, including the net income הפרשהלרזרבות,לעודפיםואיזהחלק,אםבכלל, יחולקלחברות. accruing to Special Funds,shallbe allocated, after making provision for reserves, to surplusand what part, ifany, shall be distributed to the members. 2. The distribution referred to in theprecedingparagraph 2.החלוקההאמורהבס"קהקוד ם תיעשהבאופן יחסילמספר המניותשבידיכלחבר ה. shall be made in proportion to thenumber ofshares held by each member. 3. Payments shall be made in such manner and in such 3 .תשלומיםיבוצעובאופןובמטבע ככלשתקבעמועצתהנגידים. currencyas the Board ofGovernors shall determine. Chapter VII פרקVII WITHDRAWAL AND SUSPENSION OF MEMBERS, פרישהוהשעייהשל חברות ,השעיהזמניתוסיוםפעילותהבנק TEMPORARY SUSPENSIONAND TERMINATION OF OPERATIONS OF THE BANK Article 41 סעיף41 פרישה WITHDRAWAL 1. Any member may withdrawfrom the Bank at anytime 1 .כלחברהרשאיתלפ רושמהבנקבכלעתבמסירתהודעהבכתב bydelivering a notice in writing to the Bank at its principal לבנקבמשרדוהראשי. office. 2. Withdrawal bya member shall become effective, and its 2 .פרישתחברהתיכנסלתוקף,וחברותהתיפסק,בתאריךהמפורט membership shall cease, on thedate specified in its notice בהודעתהא ולםבכלמקרהלאפחות משישה(6 )חודשיםל אחר butin no event less than six (6)months after the date that שהודעההתקבלהבבנק.בכלמועדלפניש הפרישהנכנסתלתוקף, החברהרשאיתלהודיעלבנקבכתבעל ביטולהודעתהעלכוונתה notice hasbeen received bythe Bank. However, at anytime לפרוש. before the withdrawal becomes finallyeffective, the member maynotifythe Bank in writing ofthe cancellation ofits notice ofintention to withdraw. 3. A withdrawing member shall remain liable for alldirect 3.חבר הפורש תת ישאראחראי ת לכלההתחייבויותהישירות and contingentobligationsto the Bank to which it was והתלויו ת כלפיהבנק שהייתהכפו פה להןבתאריךמסירתהודעת subject at the date ofdeliveryofthe withdrawal notice. Ifthe ה פרישה.אםה פרישה תיכנסלתוקף,החברהלאתישא בכלאחריות withdrawal becomes finallyeffective, the member shall not להתחייבויותהנובעותמפעולותהבנקשבוצעו אחריה תאר יך שבו ההודעההתקבלהבבנק. incur anyliabilityfor obligationsresulting fromoperations ofthe Bank effected after the date on which the withdrawal notice was received bythe Bank. Article 42 סעיף42 השעייתחברות MEMBERSHIPOF SUSPENSION 1. Ifa member fails to fulfill anyof its obligation to the 1 .לאמילאהחברההתחייבותמהתחייבויותי הכלפיהבנק,רשאית Bank, the Board ofGovernors maysuspend such member by מועצתהנגידיםלהשעותאתחברותה בהחלט השהתקבלהברובשל שנישלישים ממספרהנגידים, המייצגיםלאפחותמשלושהרב עים a vote oftwo-thirds ofthe totalnumber of Governors, מסךכוחההצבעהשלהחברות. representing not less than three-fourthsofthe totalvoting power ofthe members. 2. The member so suspended shall automaticallycease to 2 .החברהשהושעתהכ אמורתחדלאוטומטיתלהיותחברהשנה be a member ofthe Bank one (1)year fromthe date ofits אחת(1)מתאריךהשעייתה,אלאאםכןמועצתהנגידים,ב מהלך השנה,מחליטהבאותורובה דרושלהשעיהלהשיבאתהחברה suspension unless the Board ofGovernors,during theone- למעמדמלא. year period,decides bythe same majoritynecessary for suspension to restore the member to good standing. 3. While under suspension, a member shall not be entitled 3 .בעודהמושעית,חברהלאתהיהזכאיתלממשזכויות כלשהןלפי to exercise anyrights under thisAgreement, except the right הסכםזה,למעטהזכותלפרוש,אךתהיהכפופה לכל התחייבויותיה. ofwithdrawal, but shall remain subject to all itsobligations. Article 43 סעיף43 יישובחשבונות ACCOUNTS OFSETTLEMENT 1. After the date on which a countryceases to be a member, 1 .אחריהתאריךשבומדינהחדלהלהיותחברה,היאתמשיך it shall remain liable for its direct obligations to the Bank and לשאתבהתחייבויותיההישירותכלפיהבנקוהתחייבויותיה for its contingent liabilities to theBank so long as anypart of החלופיותכלפיהבנקלכעודחלקכלשהומההלוואות, the loansor guarantees contractedbefore it ceased to be a השקעותההוןהעצמיאוהערבויותשנעשובחוזיםלפני member is outstanding,butit shall not incur liabilities with שהיאחדלהלהיותחברהתלויועומד;אולםהיא לאתישא respect to loans and guarantees entered into thereafter bythe בהתחייבויותכאמורביחסלהלוואותו ערבויותשהבנק Bank nor share either in the income or the expenses ofthe התקשרבהןלאחרמכןולאתחלוקבהכנסתואובהוצאותיו Bank. שלהבנק. 2. At the time a countryceases to bea member, the Bank 2. בעתשחברהחדלהלהיותחברה,הבנק ידאגלרכושאת מניותיהשלהחברהלשעברהאמורה כחלקמסילוקחשבונותעם shall arrange for the repurchase ofsuch country's shares by המדינההאמורהבהתאםלהוראותס"ק3ו-4 לסעיףזה.למטרהזו, the Bank as a part ofthe settlement ofaccountswith such מחירהרכישהמחדששלהמניותיהיההערך ה מופיעבדוחות הבנק countryin accordance with the provisionsofparagraphs 3 בתאריךשבוהמדינהחדלהלהיותחברה. and 4 ofthis Article. Forthispurpose, the repurchase price ofthe shares shall be the value shown bythe books ofthe Bank on the date the countryceases to be a member. 3. The payment for shares repurchased bythe Bankunder 3. התשלוםתמורתמניותשנרכשו עלידי הבנקלפיסעיףזה יבוצעבהתאםלתנאיםהבאים: this Article shall be governed bythe following conditions: (i) Anyamount due to the countryconcerned for itsshares (i) כל סכוםהמגיעלחברהלשעברתמורתמניותיהיעוכבכלעוד אותהמדינה,הבנקהמרכזישלהאו אחדממוסדותיה,גופיהאו shall be withheld solong as that country, its central bank or יחידותהמשנההמדיניות שלהנשאריםחייבים,כלוויםאוכערבים, anyofits agencies, instrumentalities or political subdivisions לבנקוהסכוםהאמור,לשיקולדעתושלהבנק,ניתןלהעבירלכיסוי remains liable, as borrower or guarantor, to the Bank and כלהתחייבותכאמורבהגיעה לפירעו ן.לאיעוכבכלסכוםמטעמי such amount may, at the option ofthe Bank,be applied on התחייבותשלהחברהלשעברהנובעתמחתימתה עלמניותבהתאם anysuch liabilityas it matures. No amount shallbe withheld ל פסקה5 לסעיף6להסכםזה. בכלמקרה,לאישולם סכום המגיע on accountofthe contingent liabilityofthe countryfor לחברהתמורתמניותיהעדשישה(6 )חודשיםמהתאריךשבו future calls on its subscription forshares in accordance with המדינהחדלהלהיותחברה; paragraph 5 ofArticle 6 ofthis Agreement. In anyevent, no amountdue to a member for its shares shall bepaid until six (6) months after the date on which the countryceases to be a member. (ii)Payments for shares maybe made fromtime to time, ( ii ) ניתןלבצעתשלומיםתמורתמניותמעתלעת,עםמסירתןשל תעודותהמניותהמתאימות ע לידיהמדינההנוגעתבדבר,במידה upon surrenderofthe corresponding stock certificates bythe שבההסכוםהמגיעכמחירהרכישהבהתאםלס"ק2 לסעיףזהעולה countryconcerned,to the extent by which the amount due as עלהסכוםהמצטבר שלההתחייבויות עלהלוואותוערבויותבתת- the repurchase price in accordance with paragraph 2 ofthis ס"ק(i)לס"קזה עדשהחברהלשעברתקבלאת מלואמחיר Article exceeds the aggregate amount ofliabilities,on loans הרכישה; and guarantees referred to in sub-paragraph (i) ofthis paragraph, untilthe former member has received the full repurchase price. (iii) iii)התשלומיםיבוצעובמטבעותזמיניםכ Payments shall be made in such available currencies ( כלשיקבע שהבנק, as the Bank determines, taking into account its financial בהתחשבבמצבוהפיננסי. position. iv (iv) Iflosses are sustained bythe Bank on anyguarantees ( )אםנגרמולבנקהפסדים בגיןערבויותאוהלוואות כלשהן or loans which were outstanding on the date when a country שהיותלויותועומדות במועדשבומדינהחדלהלהיותחברהוסכום ceased to be a member and the amount ofsuch losses ההפסדיםכאמורעולהעלסכוםהרזרבהשניתנהכנגדהפסדים exceeds the amount ofthe reserve provided against losses on באותותאריך,המדינההנוגעתבדברתחזיר,לפידרישה,אתהסכום שבוהיהמופחתמחירהרכישההחוזרתשלמניותיהאילוהובאו that date,the countryconcerned shall repay, upon demand, בחשבוןההפסדים בעתקביעתמחירהרכישההחוזרת. נוסףעל כך, the amount bywhich the repurchase price ofits shares would החבר ה לשעבר תהיהאחראי ת לכל דרישהלחתימות שלאשולמו have been reduced ifthe losses had been taken into account בהתאםלס "ק5 לסעיף6 להסכםזה,באותהמידהשהיהנדרש when the repurchase price was determined. In addition,the להגיבאםהפגיעהבהון הייתהמתרחשת והדרישה הייתה נעשית former member shall remain liable on anycall for unpaid במועד קביעתמחירהרכישההחוזרתשלמניותיה. subscriptionsin accordance with paragraph 5 to Article 6 of this Agreement, to the same extent that it would have been required to respond ifthe impairment ofcapital had occurred and the call had been made at thetime the repurchase price ofits shares was determined. 4. Ifthe Bank terminates its operationspursuant to Article 45 4 .אםהבנק מפסיקאתפעילותו בהתאםלסעיף45 להסכםזה בתוך ofthis Agreement within six (6)months ofthe dateupon שישה(6 )חודשיםמהתאריךשבו מדינהכלשהיחדלהלהיות which anycountryceases to be amember, all rights ofthe חברה,כלהזכויותשלהמדינההנוגעתבדברייקבעובהתאם countryconcerned shall bedetermined in accordance with להוראותסעיפים45 עד47 להסכםזה.מדינהכ אמורתיראה עדיין כחברהלמטרות ה סעיפיםכא מור,אךלא תהיהבעלת זכויות the provisionsofArticles 45 to 47 ofthis Agreement. Such הצבעה. countryshall be considered as still a member for purposes of such Articles but shallhave no voting rights. Article 44 סעיף44 TEMPORARY SUSPENSION OF OPERATIONS השעיהזמניתשל פעילות In an emergency, the Board ofDirectors may temporarily במקרה חירום,הדירקטוריון רשאילהשעותזמניתאתפע ילותמתן suspend operationsin respectofnewloans and guarantees, הלוואותוערבויותחדשות,עד אשרת ימצאהזדמנותלמועצת pending an opportunity for further consideration and action הנגידיםל שקולולהחליטעל פעול ותנוספ תובעניין. bythe Board ofGovernors. Article 45 סעיף45 הפסקתפע OPERATIONS OF TERMINATION ילות 1. The Bank mayterminate its operationsbya resolution of 1.הבנקרשאיל סייםאתפע ילותובהחלט השל מועצתהנגידים שאושרהברוב שלשנישלישים ממספר הנגידים,המייצגיםלא the Board ofGovernors approved bya vote oftwo-thirdsof פחותמשלושהרבעיםמסךכוח ההצבעהשלה חברות. the totalnumber of Governors, representing not less than three-fourths ofthe total voting power ofthe members. 2. After such termination,the Bankshall forthwith ceaseall 2 .לאחר סיוםפעילותכאמור יפסיקהבנקלאלתרכלפעילות,, למעט זוה נלוותלמ ימוש,שימורושמירה מסודריםשלנכסיו activities, except those incident to the orderlyrealization, ויישובהתחייבויותיו. conservation and preservation ofits assets and settlement of its obligations. Article 46 סעיף46 LIABILITY OF MEMBERS AND PAYMENTOF אחריותה חברותו תשלוםהתביעות CLAIMS 1. In the eventoftermination oftheoperation ofthe Bank, 1 .במקרהשלסיוםפעילותהבנק,אחריותןשלכלהחברות לכל the liabilityofall members for uncalled subscriptions to the החתימותשלא נדרשועלההוןהיסודישלהבנקו ביחסלירידתערך capital stock ofthe Bank and in respect ofthe depreciation of מטבעותיהם תימשךעדלסילוקכל תביעותהנושים,כוללכל their currencies shall continueuntil all claims of creditors, התביעותהנלוות. including all contingent claims shall have been discharged. 2. All creditors holding direct claims shall first be paid out 2.כלהנושיםהמחזיקיםבתביעותישירותיפרעוראשיתמנכסי ofthe assets ofthe Bank and then outofpayments to the הבנק,לו אחר מכן מהתשלומיםלבנק אומחתימותשלאשולמואו Bank or unpaid orcallable subscriptions. Before making any לאנדרשו.לפניביצועתשלומיםכלשהםלנושיםהמחזיקים payments to creditorsholding direct claims, the Board of בתביעותישירות,הדירקטוריוןיערוך הסדריםככלשיידרשו, לשיקולדעתו, עלמנתלהבטיחחלוקה יחסיתביןהמחזיקים Directors shall make such arrangements as are necessary, in בתביעותישירותלביןהמחזיקיםבתביעותנלוות. its judgment, to ensure a pro ratadistribution among holders ofdirect and contingent claims. Article 47 סעיף47 חלוקתנכסים ASSETS OF DISTRIBUTION 1. No distribution ofassets shall bemade to members on 1 .לאתתבצעחלוקהלפיפרקזהלחברותעלחשבוןחתימות accountoftheir subscriptions to the capital stock ofthe Bank עלההוןהיסודישלהבנקעדשכלההתחייבויותכלפינו שים untilall liabilities to creditors have been discharged or יסולקו או יטופלו.יתרעלכן,מועצתהנגידיםחייבתלאשר provided for. Moreover, such distribution must be approved חלוקהכאמור ברובשלשנישלישים ממספר הנגידים,המייצגיםלא bythe Board ofGovernors bya vote oftwo-thirdsofthe פחותמשלושהרבעיםמסךכוח ההצבעהשלהחברות total number ofGovernors, representing not less than three- fourths ofthe total voting power ofthe members. 2. Anydistribution ofthe assets ofthe Bank to the 2 .כלחלוקהשלנכסיהבנקלחברותתהיהיחסיתלהון members shall be in proportion to the capital stock held by המניותשמחזיקהכלחברהותתבצעבמועדיםובתנאיםככל each member and shall be effected at such times and under שהבנקיראההוגניםושוויוניים.חלקיהנכסיםהמחולקים such conditions as the Bank shalldeem fair and equitable. אינםצריכיםל היותאחידיםכשמדוברבסוגינכסים.חברהלא The shares ofassets distributed need notbeuniformas to תהיהזכאיתלקבלאתחלקהבחלוקתנכסיםכאמורעדאשר type ofasset. No member shall be entitled to receive its share סילקהאתכלהתחייבויותיהכלפיהבנק. in such a distribution ofassets until ithas settled allofits obligations to the Bank. 3. Any member receiving assets distributed pursuantto this 3 .כלחברהשקיבלהנכסיםשחולקובהתאםלסעיףזהתיהנה Article shall enjoythe same rights with respect to such assets מאותןזכויותביחסלנכסיםהאמוריםכפישנהנההבנקלפני as the Bank enjoyed priorto theirdistribution. חלוקתם. Chapter VIII פרקVIII STATUS, IMMUNITIES, EXEMPTIONS AND מעמד,חסינות, פטוריםו זכויותיתר PRIVILEGES Article 48 סעיף48 מטרתהפרק CHAPTER OF PURPOSE To enable the Bank effectivelyto fulfill its purpose and carry כדילאפשרלבנקלמלאביעילותאתייעודוולבצעאת outthe functions entrusted to it, the status, immunities, התפקידיםשהואאמוןעליהם,יוענקולבנקהמעמד, exemptions and privileges set forth in thisChapter shall be החסינויות,זכויותהיתרוהפטוריםהמפורטיםבפרקזה accorded to the Bank in the territoryofeach member. בשטחהשלכלחברה. Article 49 סעיף49 מעמדמשפטי STATUSLEGAL The Bank shall possess full juridical personalityand, in לבנקתהיהאישיותמשפטיתמלאה,ובפרט,הכשרות particular, full capacity: המשפטיתהמלאה: (i) to contract; (i) להתקשרבחוזים; (ii) to acquire, anddisposeof, immovable and movable ii ( ) לרכושולהוציאמרשותונכסידלאניידיונכסידניידי;וכן property; and (iii) iii to institute legal proceedings. ( )ליזום הליכיםמשפטיים. Article 50 סעיף50 IMMUNITY FROM JUDICIAL PROCEEDINGS חסינותמפניהליכים שיפו טיים 1. The Bankshall enjoyimmunity fromevery formoflegal 1. הבנקייהנ ה מחסינותמכלצורהשלהליךמשפטי,אלאבמקרים הנובעיםאוהקשוריםממימושסמכויותיוללוותכסף,לערוב process, except in cases arising out oforin connection with להתחייבויות, אולקנותולמכוראו לבטחמכירהשלניירותערך, the exercise ofits powers to borrow money, to guarantee ובמקריםכאמור ניתןלהגישתביעותנגדהבנקבביתמשפטבעל obligations,or to buyand sell orunderwrite the sale of סמכותשיפוט בשטחהשל מדינהשבהלבנקיש משרדראשיאו securities, in which cases actionsmaybe brought against the סניף,אושבהמינה סוכןלצורךקבלתשירותאוהודעהעלהליך, Bank in a court ofcompetent jurisdiction in the territoryofa אוהנפיקאוביטחניירותערך. countryin which the Bank has itsprincipal or abranch office, or has appointed an agent for thepurposeofaccepting service or notice ofprocess, orhas issued orguaranteed securities. 2. Notwithstandingthe provisionsofparagraph 1ofthis 2 . עלאף הוראותס"ק1 לסעיףזה,לא תינקטפעולה נגדהבנקעל ידיחבר ה כלשהי,או עלידי כלסוכנותאו גוף שלחברה,אועלידי Article, no action shallbe brought against the Bank byany כל יישות אואדםהפועלים במישריןאובעקיפיןלמעןחברה או member, or byanyagencyor instrumentalityofa member, סוכנותאו גוף שלחברהאושנצמחת להםתביעהמכלסוכנותאו or byanyentityor person directly or indirectlyacting for or גוף שלחברה. ה חברותי פנולהליכיםמיוחדיםליישובמחלוקותבין deriving claims froma member or fromanyagencyor הבנקלחבר ותבו כ כלשייקבעוב הסכםזה, בחוקיהעזרובתקנות instrumentalityofa member. Members shall have recourse הבנק,אובחוזים שהתקשרובהםעםהבנק. to such special procedures for the settlement ofcontroversies between the Bank and its members as maybe prescribed in this Agreement, in the by-laws and regulations ofthe Bank, or in contracts entered into with the Bank. 3. Propertyand assets ofthe Bank, shall, wheresoever 3 .רכושונכסיםשלהבנק,יהיואשריהיומקוםהימצאםוהגורם המחזיקבהם,יהיוחסינים מפני כלצור ה שלתפיסה,עיקולאו located and bywhomsoever held, be immune fromall forms ביצועלפנימתן פסיקהסופי ת נגדהבנק. ofseizure, attachment or execution before thedeliveryof final judgment against the Bank. Article 51 סעיף51 חסינותנכסים ASSETS OF IMMUNITY Propertyand assets ofthe Bank,wheresoever located and by רכושונכסיםשלהבנק ,ולאמשנההיכןהםנמצאיםובידימי הם whomsoever held, shall beimmune fromsearch, requisition, מוחזקים, יהיוחסיניםמפניחיפוש, עיקול,החרמה,הפקעהאוכל confiscation, expropriation or anyother formoftaking or צורהאחרתשל תפיסהאועיקולבאמצעותהליךמנהליאוחקיקתי. foreclosure byexecutive or legislative action. Article 52 סעיף52 חסינותארכיבים ARCHIVES OF IMMUNITY The archives ofthe Bank, and, ingeneral, all documents ארכיביהבנק ,וככלל, כלהמסמכיםהשייכיםלבנקאוהמוחזקים belonging to it, or held byit, shallbe inviolable, wherever ברשותו, יהיוחסינים מפגיעה,באשרהםנמצאים. located. Article 53 סעיף53 חופשמהגבלותעלנכסים RESTRICTIONSFROM ASSETS OF FREEDOM To the extent necessaryto carryout the purpose and במידההנדרשתלמילויייעודוותפקידיושלהבנקביעילות,ובכפוף functionsofthe Bank effectively, and subject to the להוראותהסכםזה,כלרכושוונכסיושלהבנקיהיוחופשייםמכל הגבלה,תקנה,פיקוחודחייתפירעוןחובותמכלסוגשהוא. provisions ofthis Agreement, allpropertyand assets ofthe Bank shall be free fromrestrictions, regulations, controls and moratoria ofanynature. Article 54 סעיף54 זכותיתרלתקשורת COMMUNICATIONS FOR PRIVILEGE Official communications ofthe Bank shall be accorded by כלחברהתעניקלתקשורתהרשמיתשלהבנקיחסזההלזהשהיא each member treatment not less favourable than thatit מעניקהלתקשורתהרשמיתשל כלחברהאחרת. accords to the official communicationsofanyother member. Article 55 סעיף55 IMMUNITIES AND PRIVILEGES OF BANK חסינותוזכויותיתרש לסגלהבנק PERSONNEL All Governors, Directors, alternates, officers and employees כלהנגידים,הדירקטורים, חליפיהם נושאיהמשרהועובדיהבנק,, ofthe Bank, including experts performing missions for the לרבותמומחיםהמבצעיםמשימותעבורהבנק: Bank: (i) shall be immune fromlegal process with respect to acts )(i יהיו חסינ ים מפניהליכים משפטייםביחסלמעשיםשעשו performed bythemin theirofficial capacity, except when the במסגרתמילוי תפקידםהרשמי,למעטכאשרהבנקויתרעלחסינות Bank waives the immunity; זו; (ii) where theyare not local citizensor nationals, shallbe ii ( )מקוםשאיןהםאזרחיםמקומיים,י יהנומ אותןחסינו יותמפני accorded the same immunities fromimmigration restrictions, הגבלותהגירה,דרישותרישוםזריםוחובותשירותלאומי,ואותן alien registration requirements and national service הקלותבנוגעלתקנותמטבעחוץשהחברותמעניקותלנציגים, לנושאימשרהולעובדים בדרגדומה, שלחברותאחרות;וכן obligations, and the same facilities as regards exchange regulations, as are accorded by members to the representatives, officials and employees ofcomparable rank ofother members; and iii (iii) shall be granted the same treatment in respect of ( )ייהנומהקלותבתנועהבאופןזההלזהשמעניקותהחברות travelling facilities as is accorded by members to לנציגים,לנושאימשרהולעובדיםבדרגדומה,שלחברותאחרות. representatives, officials and employees ofcomparable rank ofother members. Article 56 סעיף56 פט TAXATION FROM EXEMPTION ורממיסוי 1. The Bank, its assets, property, income and its operations 1 .הבנק,נכסיו,רכושו,הכנסתוופעולותיוועסקאותיו,יהיופטורים and transactions, shall be exempt fromall taxation and from מכלמיסויומכלמכס.כמוכן,הבנקיהיהפטורמכלהתחייבות all customs duties. The Bank shall also be exempt fromany לתשלום,ניכויבמקוראוגבייהשל כלמסאו מכס. obligation for the payment, withholding or collection ofany tax or duty. 2. No taxshall be levied on or in respect ofsalaries and 2.לאיוטלמס עלמשכורותותגמולים אוביחסאליהם,, שמשלם emoluments paid bythe Bank to Directors, alternates, הבנקלדירקטורים, חליפיהם,נושאימשרהאועובדיהבנק,לרבות officers or employees ofthe Bank, including experts מומחיםהמבצעים משימות עבורהבנק, למעטבמקרהשחברה performing missions for the Bank, except where a member מפקידהעםמסמךהאשרור,הקבלהאוהאישורשלההצהרהכי החברהכאמורשומרתלעצמהוליחידותהמשנההמדיניותשלהאת deposits with its instrument ofratification or acceptance a הזכותלמסותשכרוגמול,לפיהעניין,שמשלםהבנקלאזרחיםאו declaration that such member retains for itself and its לנתיניםשלמדינהחברהכאמור. political subdivisions the right totaxsalaries and emoluments paid bythe Bank to citizens or nationalsofsuch member. 3. No taxofany kind shallbe leviedon anyobligation or 3 . לאיוטלמסמכלסוג עלכלהתחייבותאוניירערךש הנפיק securityissued bythe Bank, including anydividend or הבנק,כוללכלדיבידנדאוריביתעליהם,ולאמשנהמימחזיקבהם באחדמאל ה: interest thereon,by whomsoever held: (i) which discriminates against suchobligationor security )(i אםהמסמוטלאךורקמשוםשההתחייבותאוניירערךכאמור מונפקיםעל ידיהבנק;או solelybecause it is issued bythe Bank; or (ii) ifthe sole jurisdictional basis forsuch taxation is the ( ii ) אםבסיסהשיפוטהבלעדילמיסויכאמורהואהמקוםאו המטבעשבהםהונפק,הוסבלתשלוםאושולם,אומיקומושלכל place or currencyin which it isissued, made payable or paid, משרדאומק וםעסקשהבנקמחזיק. or thelocation ofanyoffice or place ofbusiness maintained bythe Bank. 4. Notaxofany kind shallbe levied on anyobligation or 4.לאיוטלמסמכלסוג עלכלהתחייבותאוניירערךשהבנק security guaranteed bythe Bank, including anydividend or מבטח,כוללכלדיבי דנדאוריביתעליהם, עלידימישהחזיקבהם: interest thereon,by whomsoever held: (i) (i) which discriminates against suchobligationor security המפלהלרעההתחייבותאובטוחהכאמוראךורקמשוםשהיא solelybecause it is guaranteed by the Bank; or מובטחתעלידיהבנק;או ii (ii) ifthe sole jurisdictional basis forsuch taxation is the ( )אם ה בסיסהשיפוט י הבלעדילמיסויכאמורהואמיקומושלכל location ofanyoffice or place ofbusiness maintained bythe משרדאומקוםעסקשהבנקמחזיק. Bank. Article 57 סעיף57 יישום IMPLEMENTATION Each member, in accordance with its juridical system, shall כל חברה,בהתאםלמערכתהמשפטשלה,תנקוט במהרהכלפעולה promptlytake such action as isnecessaryto make effective נדרשת כדי לה כניסלתוקף אתהוראותיושל פרקזהבשטחהתוודיע in itsown territorythe provisionsset forth in the Chapter and לבנקב פירוטמהיהפעול השננ קטהבעניין. shall informthe Bank ofthe action which ithas taken on the matter. Article 58 סעיף58 WAIVER OF IMMUNITIES, EXEMPTIONS AND ויתורעלחסינו יו ת, פטוריםו ז כויותיתר PRIVILEGES The Bank at its discretion may waive anyofthe privileges, הבנק,לפישיקולדעתו,רשאילוותר עלכלאח דמ זכויותהיתר, immunities and exemptions conferred under this Chapter in החסינותוהפטוריםהניתניםלפיפרק זהבכלמקרהומקרה,באופן anycase or instance, in such manner and upon such ובתנאיםהנראיםלומתאימיםלטובת הבנק. conditions as it maydetermine to be appropriate in the best interests ofthe Bank. Chapter IX פרקIX AMENDMENTS, INTERPRETATION, ARBITRATION תיקונים,פרשנות, בוררות Article 59 סעיף59 תיקונים AMENDMENTS 1. This Agreement maybe amended onlybya resolution of 1.ניתןלתקןהסכםזהרקבהחלטהשל מועצתהנגידיםשאושרה the Board ofGovernors approved bya vote oftwo-thirdsof ברובשלשנישלישיםממספרהנגידים,המייצגיםלאפחות the totalnumber of Governors, representing not less than משלושהרבעים מכוחההצבעהשלהחברות. three-fourths ofthe total voting power ofthe members. 2. Notwithstanding theprovisions ofparagraph 1 ofthis 2 . עלאףהאמורבס"ק1 לסעיףזה,תידרשהסכמהפהאחדשל Article, the unanimous agreement ofthe Board ofGovernors מועצתהנגידיםלאישורכלתיקוןהמשנה: shall be required for the approvalofanyamendment modifying: (i) the right to withdrawfromthe Bank; (i ) אתה זכות לפרושמהבנק; (ii) the limitations on liabilityprovided in paragraphs 6 and ii ( ) את מגבלותהאחריות לפיהוראות ס"ק6ו-7 לסעיף5;וכן 7 ofArticle 5; and (iii)the rightspertaining to purchase ofcapital stock iii ( ) אתהזכויותהנוגעותלרכישתמניותהון לפיהוראותס"ק2 provided in paragraph 2 ofArticle 5. לסעיף5. 3. Anyproposal to amend this Agreement, whether 3 .כלהצעהלתיקוןהסכםזה,ביןאםהיאבאהמחברהאו emanating froma member or theBoard ofDirectors, shallbe מהדירקטוריון,תועברליושבראשמועצתהנגידים,אשריביאאת communicated to the Chairman ofthe Board ofGovernors, ההצעהבפנימועצתהנגידים.כאשראומץתיקון,הבנקיאשרזאת who shall bring theproposal before the Board ofGovernors. בהודעהרשמיתהמופנית לכלהחברות.תיקוניםייכנסולתוקףעבור When an amendment has been adopted, the Bank shall so כלהחברותשלושה(3 חודשיםלאחרתאריךההודעההרשמית,) certifyin an official communication addressed to all אלאאםכןמועצתהנגידיםקבעה ב מסגרתםפרקזמןאחר. members. Amendments shall enter into force for all members three (3) monthsafter the date ofthe official communication unless the Board ofGovernors specifies therein a different period. Article 60 סעיף60 INTERPRETATION OR APPLICATION פרשנותאו תחולה 1. Anyquestion ofinterpretation or application ofthe 1 .כלשאלהבנושאפרשנותאווחתלהשלהוראותהסכםזה provisions ofthis Agreement arising between any member ה מתעוררתביןחברהכלשהילביןהבנק,אובין שתיחברות and the Bank, orbetween two or more members ofthe Bank, אויותרלביןהבנק,תובאבפניהדירקטוריוןלה כרעה.אםאין shall be submitted to the Board ofDirectors for decision. If בדירקטוריוןדירקטורבןהלאוםשלחברההנפגעתבאופן there is no Directorofits nationalityon that Board, a י שירמהשאלההנדונה,תהיההחברהזכאיתלייצוגישיר member particularlyaffected bythe question under במושבהדירקטוריוןבעתדיוןכאמור.אולםלנציגשלחברה consideration shall be entitled to direct representation in the כאמורלאתהיהזכותהצבעה.זכותייצוגכאמורתוסדר על Board ofDirectors during such consideration; the ידימועצתהנגידים. representative ofsuch member shall, however, have no vote. Such right ofrepresentation shallbe regulated bythe Board ofGovernors. 2. In anycase where the Board ofDirectors has given a 2 . בכלמקרהשבוהדירקטוריון הכריע לפי ס"ק1 לסעיףזה,כל decision under paragraph 1 ofthis Article, any member may חברהרשאילדרוששהשאלהתו פנהאלמועצתהנגידים ,שה כרעת ה require that thequestion be referred to the Board of תהיהסופית. עדלהחלטתמועצתהנגידים,רשאיהבנק,ככלשיראה Governors, whose decision shallbe final. Pending the בכך צורך,לפעול עלסמךהחלטתהדירקטוריון. decision ofthe Board ofGovernors, the Bank may, so far as it deems necessary, act on the basis ofthe decision ofthe Board ofDirectors. Article 61 סעיף61 בוררות ARBITRATION Ifa disagreement should arise between the Bank and a התעוררהמחלוקתביןהבנקלביןחברהשחדלהלהיותחברה,או countrywhich has ceased to be amember, or between the ביןהבנקלביןחברהכלשהי,אחריאימוץהחלטהל הפסיקאת Bank and any member, after adoption ofa resolution to פעילותהבנק, תובאמחלוקתכאמור לבוררותבפניביתדיןשל שלושהבוררים. אחדהבורריםי מונהע ליד יהבנק,אחרי מונהעל terminate the operationsofthe Bank, such disagreement ידיהמדינההנוגעתבדבר,והשלישי,אלאאםכןהצדדים מסכימים shall be submitted to arbitration by a tribunal ofthree אחרת,ע ליד ינשיאביתהדיןהבינלאומילצדקאורשות אחרתככל arbitrators. One ofthe arbitratorsshall be appointedbythe שי קבעב הוראותשיאומצו על ידימועצתהנגי דים.דייהיהבהצבעת Bank, another bythe countryconcerned, and the third,unless רובהבוררים כדילהגיעלהחלטהשתהיהסופיתומחייבתאת the parties otherwise agree, bythe Presidentofthe הצדדים.לבוררהשלישיתהיה סמכותמלאהליישב כלשאלה International CourtofJustice or such other authorityas may הנוגעתלסדרידין בכלמקרהשבוהצדדיםחלוקיםב יחס לכך. have been prescribed byregulations adopted bythe Board of Governors. A majorityvote ofthe arbitrators shall be sufficient to reach a decision which shallbe final and bindingupon the parties. The third arbitrator shallbe empowered to settle all questionsofprocedure in anycase where the parties are in disagreement with respect thereto. Article 62 סעיף62 אישורשניתןלכאורה GIVENDEEMEDAPPROVAL Whenever the approval ofany member is required before בכלעתשאישורשלחברהכלשהינדרשלפנישהבנקיכול anyact maybe done bythe Bank,approval shallbedeemed לעשותמעשהכלשהו,אישורייראהכאילוניתןאלאאםכן to have been given unless the member presents an objection החברהמעלההתנגדותבתוךפרקזמןסבירככלשיקבעהבנק within such reasonable period as the Bank may fix in בהודעתולחברהעלהמעשההמוצע. notifying the member ofthe proposed act. Chapter X פרקX הוראותס PROVISIONSFINAL יום Article 63 סעיף63 חתימהוהפקדה DEPOSIT AND SIGNATURE 1. The originalofthis Agreement in a single copyin the 1.המקורשלהסכםזהבעותקיחיד בשפההאנגליתיישארפתוח English language shall remain open for signature at the לחתימהבוועדההכלכליתלאסיהוהמזרחהרחוקשלהאומות United Nations Economic Commission for Asia and the Far המאוחדות,בבנגקוק, עד31 בינואר1966 על ידיממשלותהמדינות ה רשומו תבנספחא'להסכםזה. מסמךזהיופקדלאחרמכןאצל East, in Bangkok, until31 January1966 byGovernments of המזכירהכללישלהאומותהמאוחדות(להלן -ה נפקד.) countries listed in Annex Ato this Agreement. This document shall thereafter be deposited with the Secretary- General ofthe United Nations (hereinafter called the "Depository"). 2. The Depositoryshall send certified copies ofthis 2.הנפקדישלחעותקיםמאושריםשלהסכםזהלכלהחותמים Agreement to all the Signatories and other countries which ולמדינותאחרות ההופכותלחברותבבנק. become members ofthe Bank. Article 64 סעיף64 אש ACCEPTANCE OR RATIFICATION רוראוקבלה 1. This Agreement shall be subject to ratification or 1 .הסכםזהיהיהכפוףלאשרוראו קבלה על ידיהחותמים.מסמכי acceptance bythe Signatories. Instruments ofratification or אשרוראוקבלהיופקדואצלה נפקדלאיאוחרמיום 30 בספטמבר acceptance shall be deposited with the Depositorynot later 1966.ה נפקד יודיעכדיןלשארהחותמיםעלכלהפקדהכאמור ועל התאריךשלה. than 30 September 1966. The Depositoryshall dulynotify the other Signatories ofeach deposit and the date thereof. 2. ASignatorywhose instrument ofratification or 2 . מדינהחותמת שכתבהאשרוראוהקבלהשל ה הופקדלפני acceptance is depositedbefore the date on which this ה תאריך שבונכנסהסכםזהלתוקף, ת הפוךלחבר הבבנק באותו Agreement enters into force, shallbecome a member ofthe תאריך.כל מדינהחותמתאחר תה מצייתתל הוראותהס"ק הקוד ם, Bank, on thatdate. Anyother Signatory which complies with ת הפוךלחבר ה בבנק בתאריךהפקדת מסמך האשרוראוהקבלה שלה. the provisionsofthe precedingparagraph, shallbecome a member ofthe Bank on the date on which its instrument of ratification or acceptance is deposited. Article 65 סעיף65 כניסהלתוקף FORCE INTO ENTRY This Agreement shall enter into force when instruments of הסכםזהייכנסלתוקףכאשרמסמכיאשרוראוקבלההופקדועל ratification or acceptance have been depositedbyat least ידילפחותחמשעשר ה( 15)חותמ ות (כולללא פחותמעשר[10 ] fifteen (15) Signatories (including notless than ten [10] מדינותאזוריות)שה חתימותהראשוניותשלה ן, כמפורטבנספחא' להסכםזה,מהוותבמצטברלא פחותמשישיםוחמישה(65 ) regional countries) whose initial subscriptions, as set forth in אחוזיםממלאיההוןהמורשהשלהבנק. Annex Ato this Agreement, in the aggregate comprise not less than sixty-five (65) per centofthe authorized capital stock ofthe Bank. Article 66 סעיף66 תחילתהפע OPERATIONS OFCOMMENCEMENT ילות 1. As soon as this Agreement enters into force, each member 1 .ברגעשהסכםזה ייכנסלתוקף,כל חברה תמנה נגיד,והמזכיר shall appoint a Governor, and theExecutive Secretary ofthe ה כללי שלהוועדההכלכליתלאסיהוהמזרחהרחוק שלהאומות המאוחדותיזמןאתמושבהפתיחהשלמועצתהנגידים. United Nations Economic Commission for Asia and the Far East shall call the inaugural meeting ofthe Board of Governors. 2, At its inaugural meeting, the Board ofGovernors: 2. במושבהפתיחהשל ה מועצתהנגידים:, (i) shall make arrangements for the election ofDirectors of (i ) תערוךהסדריםלבחירתדירקטורים שלהבנקבהתאםלס"ק1 the Bank in accordance with paragraph 1 ofArticle 30 ofthis לסעיף30 להסכםזה;וכן Agreement; and (ii) shall make arrangements for the determination ofthe ii ( ) תע רוךהסדריםלקביעתה תאריךש בויתחילהבנקבפע ילותו. date on which the Bank shallcommence its operations. 3. The Bank shall notifyits members ofthe date ofthe 3.הבנקיודיעלחבר ותיועל תאריךתחילתפע ילותו. commencement ofits operations. DONE at the CityofManila,Philippines, on 4 December נעשהבעירמנילה,הפיליפינים,ביום4 בדצמבר1965 ,בעותקיחיד 1965,in a single copyin theEnglish language which shall be בשפההאנגלית, אשריובא לאהוו עדההכלכלית לאסיהוהמזרח brought to the United NationsEconomic Commission for הרחוק שלהאומותהמאוחדות,בנגקוק,ולאחרמכןיופקדאצל Asia and theFar East, Bangkok, and thereafter deposited המזכירהכללישלהאומותהמאוחדות,ניויורק,בהתאםלסעיף63 להסכםזה. with the Secretary-General ofthe United Nations, New York, in accordance with Article 63 ofthis Agreement. Annex A נספחא' INITIAL SUBSCRIPTIONS TO THE AUTHORIZED חתימותראשוניותלהוןהמורשהלגבימדינותהעשויותלהפוך CAPITAL STOCK FOR COUNTRIES WHICH MAY לחברותבהתאםלסעיף64 BECOMEMEMBERSIN ACCORDANCE WITH ARTICLE 64 Part A. REGIONALCOUNTRIES חלקא'. מדינות מהאזור I I Country Amount of מדינה סכוםחתימות במיליונידולרארה"ב) subscription in million US dollars) Afghanistan 3.36 3.36 אפגניסטן Australia 85.00 85.00 אוסטרליה Cambodia 3.00 3.00 קמבודיה Ceylon 8.52 8.52 ציילון China, Republic of 16.00 16.00 סין,הרפובליקהשל India 93.00 93.00 הודו Iran 60.00 60.00 איראן Japan 200.00 200.00 יפן Korea, Republic of 30.00 30.00 קוריאה,הרפובליקהשל Laos 0.42 0.42 לאוס Malaysia 20.00 20.00 מלזיה Nepal 2.16 2.16 נפאל NewZealand 22.56 22.56 ניוזילנד Pakistan 32.00 32.00 פקיסטן Philippines 35.00 35.00 ה פיליפינים RepublicofViet Nam 7.00 7.00 הרפובליקהשלוייטנאם Singapore 4.00 4.00 סינגפור Thailand 20.00 20.00 תאילנד Western Samoa 0.06 0.06 סמואה המער בית Total 642.08 642.08 סה"כ II II The following regional countriesmaybecome Signatories of המדינותהבאותמהאזור עשויות להפוךלחותמות עלהסכםזה this Agreement in accordance with Article 63,provided that בהתאםלסעיף63 ובלבדשבמועדהחתימה,, כלאחתמהןתחתום at the time ofsigning, theyshall respectivelysubscribe to the עלהון המניות שלהבנקבסכומיםהבאים: capital stock ofthe Bank in the following amounts: Country Amount of מדינה סכוםחתימות במיליונידולרארה"ב) subscription in million US dollars) 1. Burma 7.74 7.74 1.בורמה 2. Mongolia 0.18 0.18 2.מונגוליה Total 7.92 7.92 סה"כ חלק ב.' COUNTRIESNON-REGIONAL B. Part מדינות שאינןמהאזור I I Country Amount of מדינה סכוםחתימות במיליונידולרארה"ב) subscription in million US dollars) Belgium 5.00 5.00 בלגיה Canada 25.00 25.00 קנדה Denmark 5.00 5.00 דנמרק Germany, Federal Republicof 30.00 30.00 גרמניה, הרפובליקה הפדרליתשל Italy 10.00 10.00 איטליה Netherlands 11.00 11.00 הולנד United Kingdom 10.00 10.00 הממלכההמאוחדת United States 200.00 200.00 ארצותהברית Total 296.00 296.00 סה"כ II II The following non-regional countries which participated in המדינות שאינןמהאזור הבאותשהשתתפו ב מפגש הוועדההמכינה the meeting ofthe PreparatoryCommittee on the Asian שלהבנק האסי ינילפ יתוחבבנגקוקמיום21 באוקטובר 1965 עד Development Bank in Bangkok from21 October to 1 יום1 בנובמבר 1965 ואשרהביעושם ענייןבחברותבבנק,עשויות November 1965 and which there indicated interest in להפוךלחותמות עלהסכםזהבהתאםלסעיף63 ,ובלבדשבמועד החתימה,כל מדינהכאמור תחתום עלהוןהמניותשלהבנקבסכום membership in the Bank, maybecome Signatories ofthis שלאיפחתמחמישהמיליוןדולר($ 5,000,000 :) Agreement in accordance with Article 63, provided that at the time ofsigning, each such countryshall subscribe to the capital stock ofthe Bank in an amount which shallnot be less than five million dollars ($5,000,000): Austria אוסטריה נורווגיה Norway Finland פינלנד שוודיה Sweden III III On orbefore 31 January1966, anyofthe non-regional ביום31 בינואר 1966 אולפני יוםזה , כלאחתמהמדינות שאינן countries listed in Part B(I)ofthis Annex may increase the מהאזורה רשומות בחלקב'(I)לנספחזהרשאיתלהגדילאתסכום amountofits subscription byso informing the Executive החתימה שלה עלידיהודעה עלכךלמזכירה כללי שלהוועדה Secretaryofthe United NationsEconomic Commission for הכלכלית לאסיהוהמזרחהרחוק שלהאומותהמאוחדות, בנגקוק, אולםבתנאישהסכוםהכוללשלהחתימותהראשוניותשל המדינות Asia and theFar East in Bangkok, provided,however, that II)לנספחזהלאיעלהעל the totalamount ofthe initial subscriptions ofthe non- הלא- אזוריות ה רשומות בחלקב'(I)ו-( 1 regional countries listed in Part B(I) and (II)ofthis Annex הסכוםשלשלושמאותוחמישיםמיליוןדולר(350,000,000 $ .) shall not exceed the amount ofthree hundred and fifty million dollars ($350,000,000).1 1 With (i) increases of $4,000,000, $10,000,000 and $20.000,000, respectively, in the subscriptionsof the Federal RepublicofGermany(currently Germany), Italyand the United Kingdomauthorized underPartB III ofAnnex A, (ii) increases in the subscriptions ofAfghanistan, Cambodia, Republic ofViet Nam(currentlySocialist RepublicofViet Nam) and Singapore authorized byResolution No. 4 ofthe Board of Governors, (iii) admission to membership of Indonesia, Switzerland, Hong Kong, France, Fiji,Papua NewGuinea, Tonga, Bangladesh, Solomon Islands, Burma (currentlythe Union ofMyanmar), Kiribati,Cook Islands,Maldives, Vanuatu,Bhutan,Spain, thePeople's Republic of China,Marshall Islands, Federated States ofMicronesia, Turkey, Mongolian People's Republic (currentlyMongolia), RepublicofNauru, Tuvalu, Kazakhstan and Kyrgyz Republic, authorized byResolution Nos. 4, 11,23,31, 32,38, 48, 54,57, 63,74, 95,113,138,148,168, 176, 201, 202, 205, 206, 212, 219,224 and 225, respectively, ofthe Board of Governors, (iv) additional subscriptions ofmembers under Resolution Nos. 46,104; and 158 ofthe Board ofGovernors, and (v) increase in the subscriptions ofCanada, Finland,France, the Federal Republic ofGermany(currentlyGermany), Indonesia, Italy, Japan, RepublicofKorea, Malaysia, Netherlands,Sweden, Switzerland, United States and Western Samoa authorized byResolution Nos. 55,79,80,89,99,100,112,114, 174, 193, 194 and 195 oftheBoard of Governors, the following is the list ofsubscriptions: 1 עם(i )העלאותשל 4,000,000 דולר, 10,000,000 דולרו- 20,000,000 דולר ,בהתאמה,ב חתימות שלהרפובליקה הפדרליתשלגרמניה (כיוםגרמניה),איטליהו הממלכההמאוחדתהמאושרותלפ יחלק ב' BIII לנספחא,'(ii) העלאות בחתימות שלאפגניסטן,קמבודיה, הרפובליקהשלוייטנאם(כיוםהרפובליקההסוציאליסטיתשלוייטנאם)וסינגפור ה מאושר ות עלפיהחלטהמס'4 שלמועצתהנגידים,(iii ) הקבלהלחברותשל אינדונזיה,שוויץ,הונגקונג,צרפת,פיג'י,פפואהגינאה החדשה,טונגה,בנגלדש,איישלמה,בורמה(כיוםהאיחודשל מיאנמר),קיריבטי,אייקוק, האייםהמלדיביים,ונואטו,בהוטן,ספרד,הרפובליקההעממיתשלסין,איימרשל, המדינותהפדרטיביותשל מי קרונזיה,טורקיה,הרפובליקההעממית של מונגוליה(כיוםמונגוליה),הרפובליקהשלנאורו,טובאלו,קזחסטןוהרפובליקההקירגיזית, המאושרותבהתאמהע"יהחלטותמס'4 , 11 , 23 , 31 , 32 , 38 , 48 , 54 , 57 , 63 , 74 , 95 , 113 , 138 , 148 , 168 , 176 , 201 , 202 , 205 , 206 , 212 , 219 , 224 ו- 225 ,rבפרט,שלמועצתהנ גידים,( iv )חתימותנוספות של חברותלפיהחלט ות מס'46 , 104;ו- 158 שלמועצתהנגידים,ו-(v ) הגדלתהחתימות שלקנדה,פינלנד,צרפת,הרפובליקההפדרליתשלגרמניה(כרגעגרמניה),אינדונזיה,איטליה,יפן,הרפובליקהשל SUBSCRIPTIONS TO THE AUTHORIZED CAPITAL חתימות עלהוןהמניותהמורשהשל הבנקהאסי ינ ילפיתוח מ- 31 1/ STOCK OF THE ASIAN DEVELOPMENTBANK As of בדצמבר 1994 31 December 1994/1 Amount ofSubscription in million) סכוםחתימות במיליונים) Expressed in Expressed in terms of מבוטא במונחיםשל מבוטא במונחי terms ofthe the SDR at the value in SDR לפיהערךהנוכחי דולרארה"בשל US dollar of current United States בדולרארה"ב של המשקלו האיכות the weight and dollarsof$1.45985 per 1.45985 דולר ל- SDR שהיובתוקףביום 31 בינואר 1966 , fineness in SDR כלומר0.888671 effect on 31 גרםשלזהבדק January1966 i.e. 0.888671 gramof fine gold Part A. REGIONALCOUNTRIES חלקא'.מדינות מהאזור Afghanistan, $ 11.95 $ 17.44 $ 17.44 $ 11.95 אפגניסטן, Republicof הרפובליקהשל Australia 1,023.70 1,494.45 1,494.45 1,023.70 אוֹסטרליה Bangladesh 361.28 527.41 527.41 361.28 בנגלדש Bhutan 1.10 1.61 1.61 1.10 בהוטן Cambodia 8.75 12.77 12.77 8.75 קמבודיה China,People's 1,140.00 1,664.23 1,664.23 1,140.00 סין,הרפובליקה Republicof העממיתשל Cook Islands 0.47 0.69 0.69 0.47 אייקוק Fiji 12.03 17.56 17.56 12.03 פיג'י Hong Kong 96.35 140.66 140.66 96.35 הונגקונג India 1,120.05 1,635.10 1,635.10 1,120.05 הודו Indonesia 963.50 1,406.57 1,406.57 963.50 אינדונזי ה Japan 5,522.10 8,061.44 8,061.44 5,522.10 יפן Kazakhstan 142.68 208.29 208.29 142.68 קזחסטן Kiribati 0.71 1.04 1.04 0.71 קיריבטי Korea 891.23 1,301.06 1,301.06 891.23 קוריאה, Republicof הרפובליקהשל Kyrgyz 52.91 77.24 77.24 52.91 הרפובליקה Republic הקירגיזית Lao People's 2.46 3.59 3.59 2.46 הרפובליקה Democratic הדמוקרטית Republic העממיתשללאו Malaysia 481.75 703.28 703.28 481.75 מלזיה Maldives 0.71 1.04 1.04 0.71 המלדיביים Marshall 0.47 0.69 0.69 0.47 איימרשל Islands Micronesia, 0.71 1.04 1.04 0.71 מיקרונזיה, Federated המדינות הפדר טיביו תשל States of Mongolia 2.66 3.88 3.88 2.66 מונגוליה Myanmar 96.35 140.66 140.66 96.35 מיאנמר Nauru, 0.71 1.04 1.04 0.71 נאורו, קוריאה,מלזיה,הולנד,שוודיה,שוויץ,ארצותהבריתוסמואה המערביתה מאושרת עלידיהחלט ות מס'55 , 79 , 80 , 89 , 99 , 100 , 112 , 114 , 174 , 193 , 194 ו- 195 שלמועצתהנגידים,להלןרשימתה חתימו ת: /1 At exchange rate adopted as of31 December 1994 1/ בשערחליפיןשאומץ ביום31 בדצמבר1994 הרפובלי ofRepublic קהשל Nepal 26.01 37.97 37.97 26.01 נפאל NewZealand 271.70 396.64 396.64 271.70 ניוזילנד Pakistan 770.80 1,125.25 1,125.25 770.80 פקיסטן Papua New 16.60 24.23 24.23 16.60 פפואהגינאה Guinea החדשה Philippines 421.52 615.36 615.36 421.52 פיליפינים Singapore 60.20 87.88 87.88 60.20 סינגפור Solomon 1.18 1.72 1.72 1.18 איישלמה Islands Sri Lanka, 102.60 149.78 149.78 102.60 סרילנקה, Democratic הרפובליקה הסוציאליסטית Socialist הדמוקרטיתשל Republicof Taipei, China 192.70 281.31 281.31 192.70 טייפה,סין Thailand 481.74 703.27 703.27 481.74 תאילנד Tonga 0.71 1.04 1.04 0.71 טונגה Tuvalu 0.25 0.36 0.36 0.25 טובאלו Vanuatu 1.18 1.72 1.72 1.18 ונואטו Viet Nam, 60.38 88.15 88.15 60.38 וייטנאם, Socialist הרפובליקה הסוציאליסטית Republicof של Western 0.58 0.85 0.85 0.58 סמואה Samoa המער בית Total 14,342.78 20,938.31 20,938.31 14,342.78 סה"כ Part B. NON-REGIONALCOUNTRIES חלק ב.' מדינות שאינןמהאזור Austria 60.20 87.88 87.88 60.20 אוסטריה Belgium 60.20 87.88 87.88 60.20 בלגיה Canada 925.43 1,350.99 1,350.99 925.43 קנדה Denmark 60.20 87.88 87.88 60.20 דנמרק Finland 60.20 87.88 87.88 60.20 פינלנד France 411.78 601.14 601.14 411.78 צרפת Germany 765.34 1,117.29 1,117.29 765.34 גרמניה Italy 319.75 466.79 466.79 319.75 איטליה Netherlands 181.47 264.92 264.92 181.47 הולנד Norway 60.20 87.88 87.88 60.20 נורווגיה Spain 20 . 60 87.88 87.88 60.20 ספרד Sweden 60.20 87.88 87.88 60.20 שוו דיה Switzerland 103.25 150.73 150.73 103.25 שוויץ Turkey 60.20 87.88 87.88 60.20 טורקיה United 361.31 527.46 527.46 361.31 הממלכה Kingdom המאוחדת United States 2,781.05 4,030.72 4,030.72 2,781.05 ארצותהברית Total 6,310.98 9,213.08 9,213.08 6,310.98 סה"כ Grand Total $ 20,653.76 $ 30,151.39 $ 30,151.39 $ 20,653.76 סה"כסופי ========= ======== ======== ======== $ 30,151.39 $ 30,151.39 $ 20,653.76 סה"כסופי ======== ===== === ======== Annex B נספחב' בחירתדירקטורים DIRECTORS OF ELECTION SectionA. - Electionof Directors by Governors חלק א' - בחירתדירקטוריםעל ידינגידיםהמייצגיםחברות representing regional members.1 מהאזור.1 1. Each Governor representing aregional member shall cast 1.כלנגידהמייצגחבר המהאזוריטילאתכלקולותהחבר ה שהוא all votes ofthe member he represents for a single person. מייצגעבוראדם יחיד. 2. The seven (7) persons receiving the highest number of 2 .שבעת(7 )האנשיםשיקבלואתמספרהקולותהגבוהביותריהיו votes shall be Directors, except that no person who received דירקטורים,אלא שמישקיבלפחות מעשרה(10)אחוזיםמ סךכל less than ten (10) per centofthe total voting power of כוחההצבעהשלחברות מה אזורלאיי ראה כמישנבחר. regional members shall be considered as elected. 3. Ifseven (7) persons are notelected at the first ballot, a 3 . אםלאנבחרושבעה(7 )אנשיםבהצבעההראשונה,תתקיים second ballot shall beheld in which theperson who received הצבעהשנייהשבהמישקיבלאתמספרהקולותהנמוךביותר the lowest number ofvotes in thepreceding ballot shallbe בהצבעההקודמתלאיהיה רשאי להשתתףבה ובהי ורשולהצביע ineligible and in which votes shall be cast onlyby: רק: (a) Governors who voted in thepreceding ballot for aperson (א)נגידיםשהצביעובהצבעההקודמת עבור אדםשלאנבחר;ו כן who is notelected; and (a) Governors whose votes for a person who is elected are (ב)נגידיםשהקולותשלהםלאדםשנבחר י יראו ,בהתאםל ס"ק (4) deemed, in accordance with paragraph (4) ofthisSection, to לסעיףזה, ככאל הש העלואתהקולותשניתנולאותואדםמעלאחד עשר(11)אחוזיםמ סךכל כוחההצבעהשל חב רותמהאזור. have raised the votes cast for thatperson above eleven (11) per cent ofthe total voting power ofregional members. 4. 4. (a) In determining whether the votes-cast bya Governor (א)בקביעהאם הקולותשניתנו ע לידינגידייראוככאלהש העלו shall bedeemed to have raised the total number ofvotes for א תהקולותשניתנו לכל אדםמעלאחדעשר(11 )אחוזים,יראואת אחד- עשר(11 )האחוזיםהאמוריםכאילוהםכוללים,תחילה,את anyperson above eleven (11)percent, the said eleven (11) הקולותשלהנגידשנתןאתמספרהקולות הרב ביותרעבוראותו per cent shallbe deemed to include, first, the votes ofthe אדם,ולאחרמכן,בסדר יורד, את הקולותשלכלנגידשנתןאת Governor casting the highest number ofvotes for that ה מספרהגבוהביותרהבא עדלהשגתאחדעשר(11 אחוזים.) person,and then, in diminishing order, the votes ofeach Governor casting the next highestnumber until eleven (11) per cent is attained. (b) Any Governor, partofwhose votes must be countedin (ב)כלנגידשחלקמקולותיוישלספורעלמנתלהעלותאתמספר order to raise the votes cast for anyperson above ten (10)per הקולותשניתנו לכלאדםמעלעשרה(10 אחוזים,)ייראהכאילונתן אתכלקולותיו לאותואדםגםאם המספרהכוללשלהקולות cent, shallbe considered as casting all his votes for that שניתנולאותו אדםעולה בכךעלאחדעשר(11 אחוזים.) person even ifthe total number ofvotes cast for that person therebyexceeds eleven (11)per cent. 5. If, after the second ballot, seven (7)persons are not 5.אם אחרי ההצבעההשנייהלאנבחרושבעה(7 )אנשים,יתקיימו elected, further ballots shallbe held in conformity with the הצבעותנוספותבהתאםלעקרונותו ל נהליםהקבועים ב חלק זה, אלאשלאחרבחירתשישה(6 אנשים,)ניתןלבחוראת השביעי - על principles and procedures laid down in thisSection, except אףהוראות (2 )לחלק זה -ברובשליתרהקולותשלה חברות that after six (6) persons are elected, the seventh maybe מהאזור.כלהקולות הנותריםכאמורייחשבוכאילונספרולבחירת elected -- notwithstanding the provisions ofparagraph (2)of ה דירקטור השביעי. this Section --bya simple majorityofthe remaining votes of regional members. All such remaining votes shallbe deemed to have counted towards the election ofthe seventh Director. 6. In case ofan increase in thenumber ofDirectors to be 6.במקרהשלעלייהבמספרהדירקטוריםשייבחרוע ליד י נגידים elected b, Governors representingregional members, the המייצגים חברותמהאזור,האחוזיםהמינימלייםוהמקסימליים minimumand maximumpercentages specified in paragraphs המפורטיםב ס"ק(2 (,) 3)ו-(4 ) לחלקא'לנספחזהיתוקנובהתאמה 1 At its Second Annual Meeting the Board ofGovernors reviewed the size and composition ofthe Board ofDirectors in conformity with the provisionsofArticle 30.1 (ii) and decided thateffective fromthe Fourth AnnualMeeting, eight (8) Directors shall be elected bythe Governors representing regionalmembers and that the minimumand maximum percentages specified in paragraphs 2,3 and 4 ofSection (A) ofAnnex B shall be adjusted at that meeting to 8% and 10% respectively(Resolution No.27 ofthe Board ofGovernors). 1 ב מפגשהשנתיהשנישלמועצתהנגידיםהמועצה בחנהאתגודלווהרכבושלהדירקטוריוןבהתאםלהוראותסעיף30.1 ( ii )והחליטהכי החלמה מפגשהשנתיהרביעי,שמונה(8 )דירקטוריםייבחרו עלידינגידיםהמייצגים חברותמהאזור וכיהאחוזיםהמינימלייםוהמקסימליים המפורטים בס"ק2 , 3ו-4 לחלק(א)לנספחב'יותאמובאות והכינוסל- 8% ו- 10% בהתאמה(החלטהמס'27 שלמועצתהנגידים.) (2), (3) and (4)ofSection Aofthis Annex shall be עלידימועצתהנ גידים. correspondinglyadjusted bythe Board ofGovernors. Section B. - Election ofDirectors by Governors representing חלק ב' - בחירתדירקטורים עלידינגידיםהמייצגים חברות שאינן non-regional members.2 מהאזור.2 1. Each Governor representing anon-regional member shall 1.כלנגידהמייצגחבר השאינהמהאזוריטילאתכלקולותהחבר ה cast all votes ofthe member he represents for a single שהואמייצגעבוראדםיחיד. person. 2. The three (3) persons receiving the highest number of 2 .שלוש ת(3 )האנשיםשיקבלואתמספרהקולותהגבוהביותריהיו votes shall be Directors, except that no person who receives דירקטורים,אלא שמישקיבלפחותמעשריםוחמישה(25 )אחוזים מ סךכל כוחההצבעהשל חברות שאינן מהאזורלאיי ראה כמי less than twenty-five (25) per cent ofthe total voting power שנבחר. ofnon-regional members shall be considered as elected. 3. Ifthree (3)personsare notelected at the first ballot, a 3 . אםלאנבחרו שלושה(3) אנשיםבהצבעההראשונה, תתקיים second ballot shall beheld in which theperson who received הצבעהשנייהשבהמישקיבלאתמספרהקולותהנמוךביותר the lowest number ofvotes in thepreceding ballot shallbe בהצבעההקודמתלאיהיה רשאילהשתתףבההבויורשולהשתתף רק: ineligible and in which votes shall be cast onlyby: (a) Governors who voted in the preceding ballot for aperson (א)נגידיםשהצביעובהצבעההקודמת עבור אדםשלאנבחר;ו כן who is not elected; and (b) Governors whose votes for a person.who is elected are (ב)נגידיםשהקולותשלהםלאדםשנבחר י יראו ,בהתאםל ס"ק(4) deemed, in accordance with paragraph (4) ofthisSection, to לסעיףזה, ככאל השהעלואתהקולותשניתנולאותואדםמעל have raised the votes cast for thatperson above twentysix עשריםושישה( 26)אחוזיםמ סךכל כוחההצבעהשל חברות שאינן מהאזור. (26)per centofthe total voting power ofnon-regional members. 4. 4. (a) In determining whether the votes cast bya Governor (א)בקביעהאם הקולותשניתנו עלידינגידי חשבוככאלו ש העלו shall bedeemed to have raised the total number ofvotes for אתהקולותש ניתנולכל אדםמעל עשריםושישה( 26 )אחוזים,יראו anyperson above twenty-six (26) per cent, the said twenty- אתאחד- עשר(11 )האחוזיםהאמוריםכאילוהםכוללים,תחילה, את הקולותשלהנגידשנתן אתמספר הקולותה רב ביותרעבור six (26)per cent shallbe deemed to include,first, the votes אותואדם,ולאחרמכן,בסדר יורד, את הקולותשלכלנגידשנתן ofthe Governor casting the highest number ofvotes for that אתה מספרהגבוהביותרהבא עדלהשגת עשריםושישה( 26 ) person,and then, in diminishing order, the votes ofeach אחוזים. Governor casting the next highestnumber until twenty-six (26)per cent is attained. (b) Any Governor, partofwhose votes must be countedin (ב)כלנגידשחלקמקולותיוישלספורעלמנתלהעלותאתמספר order to raise the votes cast for anyperson above twenty-five הקולותשניתנו לכלאדםמעל עשריםוחמישה( 25 אחוזים,)ייראה (25)per cent, shall be considered as casting all his votes for כאילונתןאתכלקולותיו לאותואדםגםאם המספרהכוללשל הקולותשניתנולאותו אדםעולה בכךעל עשריםושישה( 26 ) that person even ifthe total number ofvotes cast for that אחוזים. person therebyexceeds twenty-six (26)per cent. 5. If, after the second ballot, three(3)persons are not elected, 5 .אםאחר י ההצבעההשנייהלאנבחרו שלושה(3) אנשים,יתקיימו further ballots shallbe held in conformity with the principles הצבעותנוספותבהתאםלעקרונותו ל נהליםהקבועים ב חלק זה, 2 At its Second Annual Meeting the Board of Governors reviewed the size and composition ofthe Board of Directors in conformity with theprovisions ofArticle 30.1 (ii) and decided that effective fromthe Fourth Annual Meeting, four (4)Directors shallbe elected bythe Governors representing non-regionalmembers and thatthe minimum and maximumpercentages specified in paragraph 2, 3 and 4 ofSection (B)ofAnnex B shall be adjusted at thatmeeting to 16% and 19% respectively(Resolution No.27 ofthe Board ofGovernors). Subsequently, the Board ofGovernors amended the minimumpercentage from16% to 17% (Resolution No. 37). 2 ב מפגשהשנתיהשנישלמועצתהנגידיםהמועצה בחנהאתגודלווהרכבושלהדירקטוריוןבהתאםלהוראותסעיף30.1 ( ii )והחליטהכי החלמה מפגש השנתיהרביעי, ארבעה(4 )דירקטוריםייבחרו עלידינגידיםהמייצגים חברותשאינןמהאזור וכיהאחוזיםהמינימליים והמקסימלייםהמפורטיםבס"ק2 , 3ו-4 לחלק( ב)לנספח ב'יותאמובאות ומושבל- 16% ו- 19% בהתאמה(החלטהמס' 27 שלמועצת הנגידים.) אילכך,מועצתהנגידיםתיקנהאתהאחוזהמינימלימ- 16% ל- 17% החלטהמס'(37 .) and procedures laid down in thisSection,except that after אלאשלאחרבחירתשני(2 אנשים,)ניתןלבחורבשלישי - ובלבד two (2) persons are elected, a third maybe elected - provided שחתימותשל חברותשאינןמהאזורהגיעולסךמינימלישלשלוש that subscriptions fromnon-regional members shall have מאותארבעיםוחמישהמיליוןדולר(345,000,000 )ו עלאףהוראות reached a minimumtotal ofthreehundred forty-five million ס"ק(2 )לחלק זה -ברוב שליתרהקולות.כלהקולות הנותרים כאמורייחשבוכאילונספרולבחירתה דירקטורהש לישי. dollars ($345,000,000) and notwithstanding theprovisions of paragraph (2)ofthis Section -bya simple majorityofthe remaining votes. All such remaining votes shall bedeemed to have counted towards the election ofthe third Director. 6. In case ofan increase in thenumber ofDirectors to be 6.במקרהשלעלייהבמספרהדירקטוריםשייבחרוע ליד י נגידים elected by Governors representing non-regional members, המייצגים חברות שאינןמהאזור,האחוזיםהמינימליים the minimumand maximumpercentages specified in והמקסימלייםהמפורטיםב ס"ק(2 (,) 3)ו-(4 ) לחלקא'לנספחזה יתוקנובהתאמה על ידימועצתהנ גידים. paragraphs (2), (3) and (4) ofSection Bofthis Annex shall be correspondinglyadjusted bythe Board ofGovernors. AGREEMENT ESTABLISHING THE ASIAN DEVELOPMENT BANK NOTES (i) As provided in Article 65, the Agreement came into force on 22 August 1966. (ii) Certain printing errors in the original text deposited with the Secretary-General of the United Nations were formally corrected in a Process-Verbal of Rectification issued by the Secretary-General on 17 November 1967. These corrections have been incorporated in the present publication. (iii) In accordance with Article 66, the Inaugural Meeting was held at Tokyo from 24 to 26 November 1966 and pursuant to Resolution No. 9 of the Board of Governors, the Bank commenced operations on 19 December 1966. (iv) With regard to Articles 4 and 5, the authorized capital stock was increased: (a) by $100 million to $1,100 million (Resolution No. 10 of the Board of Governors); (b) by $1,650 million to $2,750 million (Resolution No. 46 of the Board of Governors); (c) by $40 million to $2,790 million (Resolution No. 55 of the Board of Governors); (d) by $137.5 million to $2,927.5 million (Resolution No. 79 of the Board of Governors); (e) by $50 million to $2,977.5 million (Resolution No. 80 of the Board of Governors); (f) by $70 million to $3,047.5 million (Resolution No. 89 of the Board of Governors); (g) by $25.1 million to $3,072.6 million (Resolution No. 100 of the Board of Governors); (h) by $4,l48 million to $7,220.6 million (Resolution No. 104 of the Board of Governors); (i) by $7,547.5 million to $14,768.1 million (Resolution No. 158 of the Board of Governors); (j) by $295.2 million to $15,063.3 million (Resolution No. 174 of the Board of Governors); (k) by $1,140 million to $16,203.3 million (Resolution No. 176 of the Board of Governors); (l) by $621.9 million to $16,825.2 million (Resolution No. 192 of the Board of (Governors); (m) by $0.5 million to $16,825.7 million (Resolution No. 201 of the Board of Governors); (n) by $0.7 million to $16,826.4 million (Resolution No. 202 of the Board of Governors); (o) by $60.2 million to $16,886.6 million (Resolution No. 205 of the Board of Governors); (p) by$2.7 million to $16,889.3 million (Resolution No. 206 of the Board of Governors); (q) by $0.7 million to $16,890.0 million (Resolution No. 212 of the Board of Governors); (r) by $0.2 million to $16,890.2 million (Resolution No. 219 of the Board of Governors); (s) by $142.7 million to $17,032.9 million (Resolution No. 224 of the Board of Governors); (t) by $52.9 million to $17,085.8 million (Resolution No. 225 of the Board of Governors); and (u) by $17,705.0 million to $34,790.8 million (Resolution No. 232 of the Board of Governors). (v) With regard to Article 30, with effect from the Fourth Annual Meeting of the Board of Governors, the size of the Board of Directors was increased to twelve (12) members, eight (8) members elected by the Governors representing regional member countries and four (4) members elected by the Governors representing non-regional member countries (Resolution No. 27 as amended by Resolution No. 37 of the Board of Governors). (vi) The members of the Bank and their subscriptions to the authorized capital stock, as of 31 December 1994, are listed in the footnote to Annex Aon pages 43 and 44. CONTENTS Chapter Page I PURPOSE, FUNCTIONS AND MEMBERSHIP ………………………………….. 2 II CAPITAL……………………………………………………………………………. 4 III OPERATIONS ……………………………………………………………………… 8 IV BORROWING AND OTHER MISCELLANEOUS POWERS…………………….. 17 V CURRENCIES………………………………………………………………………. 18 VI ORGANIZATION AND MANAGEMENT 21 VII WITHDRAWAL AND SUSPENSION OF MEMBERS, TEMPORARY SUSPENSION AND TERMINATION OF OPERATIONS OF THE BANK……… 29 VIII STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES…………………… 33 IX AMENDMENTS, INTERPRETATION, ARBITRATION………………………… 37 X FINAL PROVISIONS………………………………………………………………. 39 ANNEX A INITIAL SUBSCRIPTIONS TO THE AUTHORIZED CAPITAL STOCK FOR 41 COUNTRIES WHICH MAY BECOME MEMBERS IN ACCORDANCE WITH ARTICLE 64………………………………………………………………………… ANNEX B ELECTION OF DIRECTORS ……………………………………………………… 45 AGREEMENT ESTABLISHING THE ASIAN DEVELOPMENT BANK THE CONTRACTING PARTIES CONSIDERING the importance of closer economic co-operation as a means for achieving the most efficient utilization of resources and for accelerating the economic development of Asia and the Far East; REALIZING the significance of making additional development financing available for the region bymobilizing such funds and other resources both fromwithin and outside the region, and byseeking to create and foster conditions conducive to increased domestic savings and greater flowof development funds into the region; RECOGNIZING the desirabilityof promoting the harmonious growth of the economies of the region and the expansion of external trade of member countries; CONVINCED that the establishment of a financial institution that is Asian in its basic character would serve these ends; HAVE AGREED to establish herebythe Asian Development Bank (hereinafter called the "Bank") which shall operate in accordance with the following: Chapter I PURPOSE, FUNCTIONS AND MEMBERSHIP Article 1 PURPOSE The purpose of the Bank shall be to foster economic growth and co-operation in the region of Asia and the Far East (hereinafter referred to as the "region") and to contribute to the acceleration of the process of economic development of the developing member countries in the region, collectively and individually. Wherever used in this Agreement, the terms "region of Asia and the Far East" and "region" shall comprise the territories of Asia and the Far East included in the Terms of Reference of the United Nations Economic Commission for Asia and the Far East. Article 2 FUNCTIONS To fulfill its purpose, the Bank shall have the following functions: (i) to promote investment in the region of public and private capital for development purposes; (ii) to utilize the resources at its disposal for financing development of the developing member countries in the region, giving priority to those regional, sub-regional as well as national projects and programmes which will contribute most effectively to the harmonious economic growth of the region as a whole, and having special regard to the needs of the smaller or less developed member countries in the region; (iii) to meet requests from members in the region to assist them in the coordination of their development policies and plans with a view to achieving better utilization of their resources, making their economies more complementary, and promoting the orderly expansion of their foreign trade, in particular, intra-regional trade; (iv) to provide technical assistance for the preparation, financing and execution of development projects and programmes, including the formulation of specific project proposals; (v) to co-operate, in such manner as the Bank may deem appropriate, within the terms of this Agreement, with the United Nations, its organs and subsidiary bodies including, in particular, the Economic Commission for Asia and the Far East, and with public international organizations and other international institutions, as well as national entities whether public or private, which are concerned with the investment of development funds in the region, and to interest such institutions and entities in new opportunities for investment and assistance; and (vi) to undertake such other activities and provide such other services as mayadvance its purpose. Article 3 MEMBERSHIP 1. Membership in the Bank shall be open to: (i) members and associate members of the United Nations Economic Commission for Asia and the Far East; and (ii) other regional countries and non- regional developed countries which are members of the United Nations or of any of its specialized agencies. 2. Countries eligible for membership under paragraph 1 of this Article which do not become members in accordance with Article 64 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 two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. 3. In the case of associate members of the United Nations Economic Commission for Asia and the Far East which are not responsible for the conduct of their international relations, application for membership in the Bank shall be presented bythe member of the Bank responsible for the international relations of the applicant and accompanied byan undertaking bysuch member that, until the applicant itself assumes such responsibility, the member shall be responsible for all obligations that maybe incurred bythe applicant byreason of admission to membership in the Bank and enjoyment of the benefits of such membership. "Country" as used in this Agreement shall include a territorywhich is an associate member of the United Nations Economic Commission for Asia and the Far East. Chapter II CAPITAL Article 4 AUTHORIZED CAPITAL 1. The authorized capital stock of the Bank shall be one billion dollars ($l,000,000,000) in terms of United States dollars of the weight and fineness in effect on 31 January 1966. The dollar wherever referred to in this Agreement shall be understood as being a United States dollar of the above value. The authorized capital stock shall be divided into one hundred thousand (100,000) shares having a par value of ten thousand dollars ($10,000) each, which shall be available for subscription only by members in accordance with the provisions of Article 5 of this Agreement. 2. The original authorized capital stock shall be divided into paid-in shares and callable shares. Shares having an aggregate par value of five hundred million dollars ($500,000,000) shall be paid- in shares, and shares having an aggregate par value of five hundred million dollars ($500,000,000) shall be callable shares. 3. The authorized capital stock of the Bank may be increased by the Board of Governors, at such time and under such terms and conditions as it may deem advisable, by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. Article 5 SUBSCRIPTION OF SHARES 1. Each member shall subscribe to shares of the capital stock of the Bank. Each subscription to the original authorized capital stock shall be for paid-in shares and callable shares in equal parts. The initial number of shares to be subscribed by countries which become members in accordance with Article 64 of this Agreement shall be that set forth in Annex A hereof. The initial number of shares to be subscribed 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 byregional members belowsixty(60) per cent of the total subscribed capital stock. 2. The Board of Governors shall at intervals of not less than five (5) years reviewthe capital 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 terms and conditions as the Board of Governors shall determine, to a proportion of the increase of stock equivalent to the proportion which its stock theretofore subscribed bears to the total subscribed capital stock immediately prior to such increase; provided, however, that the foregoing provision shall not apply in respect of any increase or portion of an increase in the authorized capital stock intended solely to give effect to determinations of the Board of Governors under paragraphs 1 and 3 of this Article. No member shall be obligated to subscribe to any part of an increase of capital stock. 3. The Board of Governors may, at the request of a member, increase the subscription of such member on such terms and conditions as the Board may determine; provided, however, that no such increase in the subscription of any member shall be authorized which would have the effect of reducing the percentage of capital stock held by regional members below sixty (60) per cent of the total subscribed capital stock. The Board of Governors shall pay special regard to the request of any regional member having less than six (6) per cent of the subscribed capital stock to increase its proportionate share thereof. 4. Shares of stock initially subscribed by members shall be issued at par. Other shares shall be issued at par unless the Board of Governors by a vote of a majority of the total number of Governors, representing a majority of the total voting power of the members, decides in special circumstances to issue themon other terms. 5. Shares of stock shall 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. 6. The liability of the members on shares shall be limited to the unpaid portion of their issue price. 7. No member shall be liable, byreason of its membership, for obligations of the Bank. Article 6 PAYMENT OF SUBSCRIPTIONS 1. Payment of the amount initially subscribed by each Signatory to this Agreement which becomes a member in accordance with Article 64 to the paid-in capital stock of the Bank shall be made in five (5) installments, of twenty (20) per cent each of such amount. The first installment shall be paid by each member within thirty (30) days after entry into force of this Agreement, or on or before the date of deposit on its behalf of its instrument of ratification or acceptance in accordance with paragraph 1 of Article 64, whichever is later. The second installment shall become due one (1) year from the entry into force of this Agreement. The remaining three (3) installments shall each become due successively one (1) year from the date on which the preceding installment becomes due. 2. Of each installment for the payment of initial subscriptions to the original paid-in capital stock: (a) Fifty(50) per cent shall be paid in gold or convertible currency; and (b) Fifty(50) per cent in the currencyof the member. 3. The Bank shall accept from any member promissory notes or other obligations issued by the Government of the member, or by the depository designated by such member, in lieu of the amount to be paid in the currency of the member pursuant to paragraph 2 (b) of this Article, provided such is not required by the Bank for the conduct of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing, and payable to the Bank at par value upon demand. Subject to the provisions of paragraph 2(ii) of Article 24, demands upon such notes or obligations payable in convertible currencies shall, over reasonable periods of time, be uniformin percentage on all such notes or obligations. 4. Each payment of a member in its own currency under paragraph 2(b) of this Article shall be in such amount as the Bank, after such consultation with the International Monetary Fund as the Bank may consider necessary and utilizing the par value established with the International Monetary Fund, if any, determines to be equivalent to the full value in terms of dollars of the portion of the subscription being paid. The initial payment shall be in such amount as the member considers appropriate hereunder but shall be subject to such adjustment, to be effected within ninety (90) days of the date on which such payment was due, as the Bank shall determine to be necessary to constitute the full dollar equivalent of such payment. 5. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its obligations incurred under sub-paragraphs (ii) and (iv) of Article 11 on borrowings of funds for inclusion in its ordinary capital resources or on guarantees chargeable to such resources. 6. In the event of the call referred to in paragraph 5 of this Article, payment may be made at the option of the member in gold, convertible currency or in the currency required to discharge the obligations of the Bank for the purpose of which the call is made. Calls on unpaid subscriptions shall be uniformin percentage on all callable shares. 7. The Bank shall determine the place for any payment under this Article, provided that, until the inaugural meeting of its Board of Governors, the payment of the first installment referred to in paragraph 1 of this Article shall be made to the Secretary-General of the United Nations, as Trustee for the Bank. Article 7 ORDINARY CAPITAL RESOURCES As used in this Agreement, the term "ordinary capital resources" of the Bank shall include the following: (i) authorized capital stock of the Bank, including both paid-in and callable shares, subscribed pursuant to Article 5 of this Agreement, except such part thereof as may be set aside into one or more Special Funds in accordance with paragraph 1 (i) of Article 19 of this Agreement; (ii) funds raised by borrowings of the Bank by virtue of powers conferred by sub-paragraph (i) of Article 21 of this Agreement, to which the commitment to calls provided for in paragraph 5 of Article 6 of this Agreement is applicable; (iii) funds received in repayment of loans or guarantees made with the resources indicated in (i) and (iii) of this Article; (iv) income derived from loans made from the aforementioned funds or from guarantees to which the commitment to calls set forth in paragraph 5 of Article 6 of this Agreement is applicable; and (v) anyother funds or income received bythe Bank which do not formpart of its Special Funds resources referred to in Article 20 of this Agreement. Chapter III OPERATIONS Article 8 USE OF RESOURCES The resources and facilities of the Bank shall be used exclusively to implement the purpose and functions set forth respectivelyin Articles 1 and 2 of this Agreement. Article 9 ORDINARY AND SPECIAL OPERATIONS 1. The operations of the Bank shall consist of ordinaryoperations and special operations. 2. Ordinary operations shall be those financed from the ordinary capital resources of the Bank. 3. Special operations shall be those financed from the Special Funds resources referred to in Article 20 of this Agreement. Article 10 SEPARATION OF OPERATIONS 1. The ordinary capital resources and the Special Funds resources of the Bank shall at all times and in all respects be held, used, committed, invested or otherwise disposed o£ entirely separate from each other. The financial statements of the Bank shall show the ordinary operations and special operations separately. 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 originallyused or committed. 3. Expenses appertaining directly to ordinary operations shall be charged to the ordinary capital resources of the Bank. Expenses appertaining directly to special operations shall be charged to the Special Funds resources. Anyother expenses shall be charged as the Bank shall determine. Article 11 RECIPIENTS AND METHODS OF OPERATION Subject to the conditions stipulated in this Agreement, the Bank may provide or facilitate financing to any member, or any agency, instrumentality or political subdivision thereof, or any entity or enterprise operating in the territory of a member, as well as to international or regional agencies or entities concerned with economic development of the region. The Bank may carry out its operations in any of the following ways: (i) bymaking or participating in direct loans with its unimpaired paid-in capital and, except as provided in Article 17 of this Agreement, with its reserves and undistributed surplus; or with the unimpaired Special Funds resources; (ii) bymaking or participating in direct loans with funds raised bythe Bank in capital markets or borrowed or otherwise acquired bythe Bank for inclusion in its ordinary capital resources; (iii) byinvestment of funds referred to in (i) and (ii) of this Article in the equitycapital of an institution or enterprise, provided no such investment shall be made until after the Board of Governors, bya vote of a majorityof the total number of Governors, representing a majorityof the total voting power of the members, shall have determined that the Bank is in a position to commence such type of operations; or (iv) byguaranteeing, whether as primaryor secondaryobligor, in whole or in part, loans for economic development participated in bythe Bank. Article 12 LIMITATIONS ON ORDINARY OPERATIONS 1. The total amount outstanding of loans, equity investments and guarantees made by the Bank in its ordinary operations shall not at any time exceed the total amount of its unimpaired subscribed capital, reserves and surplus included in its ordinary capital resources, exclusive of the special reserve provided for byArticle 17 of this Agreement and other reserves not available for ordinaryoperations. 2. In the case of loans made with funds borrowed by the Bank to which the commitment to calls provided for by paragraph 5 of Article 6 of this Agreement is applicable, the total amount of principal outstanding and payable to the Bank in a specific currency shall not at any time exceed the total amount of the principal of outstanding borrowings bythe Bank that are payable in the same currency. 3. In the case of funds invested in equity capital out of the ordinary capital resources of the Bank, the total amount invested shall not exceed ten (10) per cent of the aggregate amount of the unimpaired paid-in capital stock of the Bank actually paid up at any given time together with the reserves and surplus included in its ordinary capital resources, exclusive of .the special reserve provided for in Article 17 of this Agreement. 4. The amount of any equity investment shall not exceed such percentage of the equity capital of the entity or enterprise concerned as the Board of Directors shall in each specific case determine to be appropriate. The Bank shall not seek to obtain by such an investment a controlling interest in the entityor enterprise concerned, except where necessaryto safeguard the investment of the Bank. Article 13 PROVISION OF CURRENCIES FOR DIRECT LOANS In making direct loans or participating in them, the Bank may provide financing in any of the following ways: (i) by furnishing the borrower with currencies other than the currency of the member in whose territory the project concerned is to be carried out (the latter currency hereinafter to be called "local currency"), which are necessaryto meet the foreign exchange costs of such project; or (ii) by providing financing to meet local expenditures on the project concerned, where it can do so by supplying local currency without selling any of its holdings in gold or convertible currencies. In special cases when, in the opinion of the Bank, the project causes or is likely to cause undue loss or strain on the balance of payments of the member in whose territory the project is to be carried out, the financing granted by the Bank to meet local expenditures may be provided in currencies other than that of such member; in such cases, the amount of the financing granted by the Bank for this purpose shall not exceed a reasonable portion of the total local expenditure incurred bythe borrower. Article 14 OPERATING PRINCIPLES The operations of the Bank shall be conducted in accordance with the following principles: (i) The operations of the Bank shall provide principally for the financing of specific projects, including those forming part of a national, sub-regional or regional development programme. They may, however, include loans to, or guarantees of loans made to, national development banks or other suitable entities, in order that the latter may finance specific development projects whose individual financing requirements are not, in the opinion of the Bank, large enough to warrant the direct supervision of the Bank; (ii) In selecting suitable projects, the Bank shall always be guided by the provisions of sub- paragraph (ii) of Article 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) Before a loan is granted, the applicant shall have submitted an adequate loan proposal and the President of the Bank shall have presented to the Board of Directors a written report regarding the proposal, together with his recommendations, on the basis of a staff study; (v) In considering an application for a loan or guarantee, the Bank shall pay due regard to the ability of the borrower to obtain financing or facilities elsewhere on terms and conditions that the Bank considers reasonable for the recipient, taking into account all pertinent factors; (vi) In making or guaranteeing a loan, the Bank shall pay due regard to the prospects that the borrower and its guarantor, if any, will be in a position to meet their obligations under the loan contract; (vii) In making or guaranteeing a loan, the rate of interest, other charges and the schedule for repayment of principal shall be such: as are, in the opinion of the Bank, appropriate for the loan concerned; (viii) In guaranteeing a loan made by other investors, or in underwriting the sale of securities, the Bank shall receive suitable compensation for its risk; (ix) The proceeds of any loan, investment or other financing undertaken in the ordinary operations of the Bank or with Special Funds established by the Bank pursuant to paragraph 1 (i) of Article 19, shall be used only for procurement in member countries of goods and services produced in member countries, except in any case in which the Board of Directors by a vote of the Directors representing not less than two-thirds of the total voting power of the members, determines to permit procurement in a non-member country or of goods and services produced in a non-member country in special circumstances making such procurement appropriate, as in the case of a non-member countryin which a significant amount of financing has been provided to the Bank; (x) In the case of a direct loan made by the Bank, the borrower shall be permitted by the Bank to draw its funds only to meet expenditures in connection with the project as they are actuallyincurred; (xi) The Bank shall take the necessary measures to ensure that the proceeds of any loan made, guaranteed or participated in by the Bank are used only for the purposes for which the loan was granted and with due attention to considerations of economyand efficiency; (xii) The Bank shall pay due regard to the desirability of avoiding a disproportionate amount of its resources being used for the benefit of anymember; (xiii) The Bank shall seek to maintain reasonable diversification in its investments in equity capital; it shall not assume responsibility for managing any entity or enterprise in which it has an investment, except where necessaryto safeguard its investments; and (xiv) The Bank shall be guided bysound banking principles in its operations. Article 15 TERMS AND CONDITIONS FOR DIRECT LOANS AND GUARANTEES 1. In the case of direct loans made or participated in or loans guaranteed by the Bank, the contract shall establish, in conformity with the operating principles set forth in Article 14 of this Agreement and subject to the other provisions of this Agreement, the terms and conditions for the loan or the guarantee concerned, including those relating to payment of principal, interest and other charges, maturities, and dates of payment in respect of the loan, or the fees and other charges in respect of the guarantee, respectively. In particular, the contract shall provide that, subject to paragraph 3 of this Article, all payments to the Bank under the contract shall be made in the currency loaned, unless, in the case of a direct loan made or a loan guaranteed as part of special operations with funds provided under paragraph 1 (ii) of Article 19, the rules and regulations of the Bank provide otherwise. Guarantees by the Bank shall also provide that the Bank may terminate its liability with respect to interest if, upon default by the borrower and the guarantor, if any, the Bank offers to purchase, at par and interest accrued to a date designated in the offer, the bonds or other obligations guaranteed. 2. Where the recipient of loans or guarantees of loans is not itself a member, the Bank may, when it deems it advisable, require that the member in whose territory the project concerned is to be carried out, or a public agency or any instrumentality of that member acceptable to the Bank, guarantee the repayment of the principal and the payment of interest and other charges on the loan in accordance with the terms thereof. 3. The loan or guarantee contract shall expressly state the currency in which all payments to the Bank thereunder shall be made. At the option of the borrower, however, such payments may always be made in gold or convertible currency. Article 16 COMMISSION AND FEES 1. The Bank shall charge, in addition to interest, a commission on direct loans made or participated in as part of its ordinary operations. This commission, payable periodically, shall be computed on the amount out. standing on each loan or participation and shall be at the rate of not less than one (1) per cent per annum, unless the Bank, after the first five (5) years of its operations, decides to reduce this minimum rate by a two-thirds majority of its members, representing not less than three-fourths of the total voting power of the members. 2. In guaranteeing a loan as part of its ordinary operations, the Bank shall charge a guarantee fee, at a rate determined by the Board of Directors, payable periodically on the amount of the loan outstanding. 3. Other charges of the Bank in its ordinary operations and any commission, fees or other charges in its special operations shall be determined bythe Board of Directors. Article 17 SPECIAL RESERVE The amount of commissions and guarantee fees received by the Bank pursuant to Article 16 of this Agreement shall be set aside as a special reserve which shall be kept for meeting liabilities of the Bank in accordance with Article 18 of this Agreement. The special reserve shall be held in such liquid form as the Board of Directors maydecide. Article 18 METHODS OF MEETING LIABILITIES OF THE BANK 1. In cases of default on loans made, participated in or guaranteed by the Bank in its ordinary operations, the Bank shall take such action as it deems appropriate with respect to modifying the terms of the loan, other than the currencyof repayment. 2. The payments in discharge of the Bank's liabilities on borrowings or guarantees under sub-paragraphs (ii) and (iv) of Article 11 chargeable to the ordinarycapital resources shall be charged: (i) First, against the special reserve provided for in Article 17; (ii) Then, to the extent necessary and at the discretion of the Bank, against the other reserves, surplus and capital available to the Bank. 3. Whenever necessary to meet contractual payments of interest, other charges or amortization on borrowings of the Bank in its ordinary operations, or to meet its liabilities with respect to similar payments in respect of loans guaranteed by it, chargeable to its ordinary capital resources, the Bank may call an appropriate amount of the uncalled subscribed callable capital in accordance with paragraphs 6 and 7 of Article 6 of this Agreement; 4. In cases of default in respect of a loan made from borrowed funds or guaranteed by the Bank as part of its ordinary operations, the Bank may, if it believes that the default may be of long duration, call an additional amount of such callable capital not to exceed in any one (1) year one (1) per cent of the total subscriptions of the members to such capital, for the following purposes: (i) To redeem before maturity, or otherwise discharge, the Bank's liability on all or part of the outstanding principal of any loan guaranteed by it in respect of which the debtor is in default; and (ii) To repurchase, or otherwise discharge, the Bank's liability on all or part of its own outstanding borrowing. 5. If the Bank's subscribed callable capital stock shall be entirely called pursuant to paragraphs 3 and 4 of this Article, the Bank may, if necessary for the purposes specified in paragraph 3 of this Article, use or exchange the currency of any member without restriction, including any restriction imposed pursuant to paragraphs 2 (i) and (ii) of Article 24. Article 19 SPECIAL FUNDS 1. The Bank may: (i) set aside, by a vote of two-thirds of the total number of Governors, representing at least three-fourths of the total voting power of the members, not more than ten (10) per cent each of the portion of the unimpaired paid-in capital of the Bank paid by members pursuant to paragraph 2(a) of Article 6 and of the portion thereof paid pursuant to paragraph 2(b) of Article 6, and establish there with one or more Special Funds; and (ii) accept the administration of Special Funds which are designed to serve the purpose and come within the functions of the Bank. 2. Special Funds established by the Bank pursuant to paragraph 1(i) of this Article may be used to guarantee or make loans of high developmental priority, with longer maturities, longer deferred commencement of repayment and lower interest rates than those established by the Bank for its ordinary operations. Such Funds may also be used on such other terms and conditions, not inconsistent with the applicable provisions of this Agreement nor with the character of such Funds as revolving funds, as the Bank in establishing such Funds maydirect. 3. Special Funds accepted by the Bank under paragraph 1 (ii) of this Article may be used in any manner and on any terms and conditions not inconsistent with the purpose of the Bank and with the agreement relating to such Funds. 4. The Bank shall adopt such special 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, excepting those provisions expressly applicable only to ordinary operations of the Bank. Article 20 SPECIAL FUNDS RESOURCES As used in this Agreement, the term "Special Funds resources" shall refer to the resources of any Special Fund and shall include: (a) resources set aside from the paid-in capital to a Special Fund or otherwise initially contributed to anySpecial Fund; (b) funds accepted bythe Bank for inclusion in anySpecial Fund; (c) funds repaid in respect of loans or guarantees financed from the resources of any Special Fund which, under the rules and regulations of the Bank governing that Special Fund, are received bysuch Special Fund; (d) income derived from operations of the Bank in which any of the aforementioned resources or funds are used or committed if, under the rules and regulations of the Bank governing the Special Fund concerned, that income accrues to such Special Fund; and (e) anyother resources placed at the disposal of anySpecial Fund. Chapter IV BORROWING AND OTHER MISCELLANEOUS POWERS Article 21 GENERAL POWERS In addition to the powers specified elsewhere in this Agreement, the Bank shall have the power to: (i) borrow funds in member countries or elsewhere, and in this connection to furnish such collateral or other securitytherefore as the Bank shall determine, provided always that: (a) before making a sale of its obligations in the territoryof a country, the Bank shall have obtained its approval; (b) where the obligations of the Bank are to be denominated in the currencyof a member, the bank shall have obtained its approval; (c) the Bank shall obtain the approval of the countries referred to in sub-paragraphs (a) and (b) of this paragraph that the proceeds maybe exchanged for the currencyof anymember without restriction; and (d) before determining to sell its obligations in a particular country, the Bank shall consider the amount of previous borrowing, if any, in that country, the amount of previous borrowing in other countries, and the possible availability of funds in such other countries; and shall give due regard to the general principle that its borrowings should to the greatest extent possible be diversified as to country of borrowing. (ii) buy and sell securities the Bank has issued or guaranteed or in which it has invested, provided always that it shall have obtained the approval of any country in whose territory the securities are to be bought or sold; (iii) guarantee securities in which it has invested in order to facilitate their sale; (iv) underwrite, or participate in the underwriting of, securities issued by any entity or enterprise for purposes consistent with the purpose of the Bank; (v) invest funds, not needed in its operations, in the territories of members in such obligations of members or nationals thereof as it may determine, and invest funds held by the Bank for pensions or similar purposes in the territories of members in marketable securities issued bymembers or nationals thereof; (vi) provide technical advice and assistance which serve its purpose and come within its functions, and where expenditures incurred in furnishing such services are not reimbursable, charge the net income of the Bank therewith; in the first five (5) years of its operations, the Bank may use up to two (2) per cent of its paid-in capital for furnishing such services on a non-reimbursable basis, and (vii) exercise such other powers and establish such rules and regulations as may be necessary or appropriate in furtherance of its purpose and functions, consistent with the provisions of this Agreement. Article 22 NOTICE TO BE PLACED ON SECURITIES Everysecurityissued or guaranteed bythe Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of anyGovernment, unless it is in fact the obligation of a particular Government, in which case it shall so state. Chapter V CURRENCIES Article 23 DETERMINATION OF CONVERTIBILITY Whenever it shall become necessary under this Agreement to determine whether any currency is convertible, such determination shall be made by the Bank after consultation with the International MonetaryFund. Article 24 USE OF CURRENCIES 1. Members may not maintain or impose any restrictions on the holding or use by the Bank or byanyrecipient fromthe Bank, for payments in anycountry, of the following: (i) gold or convertible currencies received by the Bank in payment of subscriptions to its capital stock, other than that paid to the Bank by members pursuant to paragraph 2(b) of Article 6 and restricted pursuant to paragraphs 2(i) and (ii) of this Article; (ii) currencies of members purchased with the gold or convertible currencies referred to in the preceding sub-paragraph; (iii) currencies obtained by the Bank by borrowing, pursuant to sub-paragraph (i) of Article 21 of this Agreement, for inclusion in its ordinarycapital resources; (iv) gold or currencies received by the Bank in payment on account of principal, interest, dividends or other charges in respect of loans or investments made out of any of the funds referred to in sub-paragraphs (i) to (iii) of this paragraph or in payment of fees in respect of guarantees made bythe Bank; and (v) currencies, other than the member's own currency, received by the member from the Bank in distribution of the net income of the Bank in accordance with Article 40 of this Agreement. 2. Members may not maintain or impose any restriction on the holding or use by the Bank or by any recipient from the Bank, for payments in any country, of currency of a member received by the Bank which does not come within the provisions of the preceding paragraph, unless: (i) a developing member country, after consultation with and subject to periodic review by the Bank, restricts in whole or in part the use of such currency to payments for goods or services produced and intended for use in its territory; or (ii) any other member whose subscription has been determined in Part A of Annex A hereof and whose exports of industrial products do not represent a substantial proportion of its total exports, deposits with its instrument of ratification or acceptance a declaration that it desires the use of the portion of its subscription paid pursuant to paragraph 2(b) of Article 6 to be restricted, in whole or in part, to payments for goods or services produced in its territory; provided that such restrictions be subject to periodic review by and consultation with the Bank and that any purchases of goods or services in the territory of that member, subject to the usual consideration of competitive tendering, shall be first charged against the portion of its subscription paid pursuant to paragraph 2(b) of Article 6; or (iii) such currency forms part of the Special Funds resources of the Bank available under paragraph l(ii) of Article 19 and its use is subject to special rules and regulations. 3. Members may not maintain or impose any restrictions on the holding or use by the Bank, for making amortization payments or anticipatory payments or for repurchasing in whole or in part the Bank's own obligations, of currencies received by the Bank in repayment of direct loans made out of its ordinary capital resources, provided, however, that until the Bank's subscribed callable capital stock has been entirely called, such holding or use shall be subject to any limitations imposed pursuant to paragraph 2(i) of this Article except in respect of obligations payable in the currencyof the member concerned. 4. Gold or currencies held by the Bank shall not be used by the Bank to purchase other currencies of members or non-members except: (i) in order to meet its obligations in the ordinarycourse of its business; or (ii) pursuant to a decision of the Board of Directors adopted bya vote of the Directors representing not less than two-thirds of the total voting power of the members. 5. Nothing herein contained shall prevent the Bank from using the currency of any member for administrative expenses incurred bythe Bank in the territoryof such member. Article 25 MAINTENANCE OF VALUE OF THE CURRENCY HOLDINGS OF THE BANK 1. Whenever (a) the par value in the International Monetary Fund of the currency of a member is reduced in terms of the dollar defined in Article 4 of this Agreement, or (b) in the opinion of the Bank, after consultation with the International Monetary Fund, the foreign exchange value of a member's currency has depreciated to a significant extent, that member shall pay to the Bank within a reasonable time an additional amount of its currency required to maintain the value of all such currency held by the Bank, excepting (a) currency derived by the Bank from its borrowings and (b) unless otherwise provided in the agreement establishing such Funds, Special Funds resources accepted by the Bank under paragraph 1(ii) of Article 19. 2. Whenever (a) the par value in the International Monetary Fund of the currency of a member is increased in terms of the said dollar, or (b) in the opinion of the Bank, after consultation with the International Monetary Fund, the foreign exchange value of a member's currency has appreciated to a significant extent, the Bank shall pay to that member within a reasonable time an amount of that currency required to adjust the value of all such currency held by the Bank excepting (a) currency derived by the Bank from its borrowings, and (b) unless otherwise provided in the agreement establishing such Funds, Special Funds resources accepted bythe Bank under paragraph 1(ii) of Article 19. 3. The Bank maywaive the provisions of this Article when a uniformproportionate change in the par value of the currencies of all its members takes place. Chapter VI ORGANIZATION AND MANAGEMENT Article 26 STRUCTURE 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 maybe considered necessary. Article 27 BOARD OF GOVERNORS: COMPOSITION 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 principal. At its annual meeting, the Board shall designate one of the Governors as Chairman who shall hold office until the election of the next Chairman and the next annual meeting of the Board. 2. Governors and alternates shall serve as such without remuneration from the Bank, but the Bank maypaythemreasonable expenses incurred in attending meetings. Article 28 BOARD OF GOVERNORS: POWERS 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 its powers, except the power to: (i) admit newmembers 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 organizations, (vi) elect the Directors and the President of the Bank; (vii) determine the remuneration of the Directors and their alternates and the salary and other terms of the contract of service of the President; (viii) approve, after reviewing the auditor's report, the general balance sheet and the statement of profit and loss of the Bank; (ix) determine the reserves and the 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 expressly assigned to the Board of Governors in this Agreement. 3. The Board of Governors shall retain full power to exercise authority over any matter delegated to the Board of Directors under paragraph 2 of this Article. 4. For the purposes of this Agreement, the Board of Governors may, by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members, from time to time determine which countries or members of the Bank are to be regarded as developed or developing countries or members, taking into account appropriate economic considerations. Article 29 BOARD OF GOVERNORS: PROCEDURE 1. The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Board of Directors. Meetings of the Board of Governors shall be called, bythe Board of Directors, whenever requested byfive (5) members of the Bank. 2. A majority 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 establish such subsidiarybodies as maybe necessaryor appropriate to conduct the business of the Bank. Article 30 BOARD OF DIRECTORS: COMPOSITION 1. (i) The Board of Directors shall be composed of ten (10) members who shall not be members of the Board of Governors, and of whom: (a) seven (7) shall be elected bythe Governors representing regional members; and (b) three (3) bythe Governors representing non-regional members. Directors shall be persons of high competence in economic and financial matters and shall be elected in accordance with Annex B hereof. (ii) At the Second Annual Meeting of the Board of Governors after its inaugural meeting, the Board of Governors shall review the size and composition of the Board of Directors, and shall increase the number of Directors as appropriate, paying special regard to the desirability, in the circumstances at that time, of increasing representation in the Board of Directors of smaller less developed member countries. Decisions under this paragraph should be made by a vote of a majority of the total number of Governors, representing not less than two-thirds of the total voting power of the members. 2. Each Director shall appoint an alternate with full power to act for him when he is not present. Directors and alternates shall be nationals of member countries. No two or more Directors may be of the same nationality nor may any two or more alternates be of the same nationality. An alternate may participate in meetings of the Board but mayvote onlywhen he is acting in place of his principal. 3. Directors shall hold office for a term of two (2) years and may be re-elected. They shall continue in office until their successors shall have been chosen and qualified. If the office of a Director becomes vacant more than one hundred and eighty (180) days before the end of his term, a successor shall be chosen in accordance with Annex B hereof, for the remainder of the term, by the Governors who elected the former Director. A majority of the votes cast by such 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 term, a successor may similarly be chosen for the remainder of the term, by the 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. Article 31 BOARD OF DIRECTORS: POWERS 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 bythe Board of Governors, and in particular: (i) prepare the work of the Board of Governors, (ii) in conformity with the general directions of the Board of Governors, take decisions concerning loans, guarantees, investments in equity capital, borrowing by the Bank, furnishing of technical assistance and other operations of the Bank; (iii) submit the accounts for each financial year for approval of the Board of Governors at each annual meeting; and (iv) approve the budget of the Bank. Article 32 BOARD OF DIRECTORS: PROCEDURE 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 mayrequire. 2. A majority of the Directors shall constitute a quorum for any meeting of the Board of Directors, provided such majority represents not less 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 particularlyaffecting that member is under consideration. Article 33 VOTING 1. The total voting power of each member shall consist of the sum of its basic votes and proportional votes. (i) The basic votes of each member shall consist of such number of votes as results from the equal distribution among all the members of twenty (20) per cent of the aggregate sum of the basic votes and proportional votes of all the members. (ii) The number of the proportional votes of each member shall be equal to the number of shares of the capital stock of the Bank held bythat member. 2. In voting in the Board of Governors, each Governor shall be entitled to cast the votes of the member he represents. Except as otherwise expressly provided in this Agreement, all matters before the Board of Governors shall be decided bya majorityof the voting power represented at the meeting. 3. In voting in the Board of Directors, each Director shall be entitled to cast the number of votes that counted towards his election which votes need not be cast as a unit. Except as otherwise expressly provided in this Agreement, all matters before the Board of Directors shall be decided by a majorityof the voting power represented at the meeting. Article 34 THE PRESIDENT 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. He shall be a national of a regional member country. 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 five (5) years. He may be re-elected. He shall, however, cease to hold office when the Board of Governors so decides by a vote of two-thirds of the total number of 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 more than one hundred and eighty (180) days before the end of his term, a successor shall be elected for the unexpired portion of such term by the Board of Governors in accordance with the provisions of paragraph 1 of this Article. If such office for any reason becomes vacant one hundred and eighty (180) days or less before the end of his term, a successor may similarlybe elected for the unexpired portion of such termbythe Board of Governors. 3. The President shall be Chairman of the Board of Directors but shall have no vote, except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors but shall not vote. 4. The President shall be the legal representative of the Bank. 5. The President shall be chief of the staff of the Bank and shall conduct, under the direction of the Board of Directors, the current business of the Bank. He shall be responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. 6. In appointing the officers and staff, the President shall, subject to the paramount importance of securing the highest standards of efficiency and technical competence, pay due regard to the recruitment of personnel on as wide a regional geographical basis as possible. Article 35 VICE-PRESIDENT(S) 1. One or more Vice-Presidents shall be appointed by the Board of Directors on the recommendation of the President. Vice-President(s) 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, the Vice-President or, if there be more than one, the ranking Vice-President, shall exercise the authorityand performthe functions of the President. 2. Vice-President(s) may participate in meetings of the Board of Directors but shall have no vote at such meetings, except that the Vice-President or ranking Vice-President, as the case may be, shall cast the deciding vote when acting in place of the President. Article 36 PROHIBITION OF POLITICAL ACTIVITY: THE INTERNATIONAL CHARACTER OF THE BANK 1. The Bank shall not accept loans or assistance that may in any way prejudice, limit, deflect or otherwise alter its purpose or functions. 2. The Bank, its President, Vice-President(s), officers and staff shall not interfere in the political affairs of any member, nor shall they be influenced in their decisions by the political character of the member concerned. Only economic considerations shall be relevant to their decisions. Such considerations shall be weighed impartially in order to achieve and carry out the purpose and functions of the Bank. 3. The President, Vice-President(s), officers and staff of the Bank, in the discharge of their offices, 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. Article 37 OFFICE OF THE BANK 1. The principal office of the Bank shall be located in Manila, Philippines. 2. The Bank mayestablish agencies or branch offices elsewhere. Article 38 CHANNEL OF COMMUNICATIONS, DEPOSITORIES 1. Each member shall designate an appropriate official entity with which the Bank may communicate in connection with anymatter arising under this Agreement. 2. Each member shall designate its central bank, or such other agency as may be agreed upon with the Bank, as a depository with which the Bank may keep its holdings of currency of that member as well as other assets of the Bank. Article 39 WORKING LANGUAGE, REPORTS 1. The working language of the Bank shall be English. 2. The Bank shall transmit to its members an Annual Report containing an audited statement of its accounts and shall publish such Report. It shall also transmit quarterly to its members a summary statement of its financial position and a profit and loss statement showing the results of its operations. 3. The Bank may also publish such other reports as it deems desirable in the carrying out of its purpose and functions. Such reports shall be transmitted to the members of the Bank. Article 40 ALLOCATION OF NET INCOME 1. The Board of Governors shall determine annually what part of the net income of the Bank, including the net income accruing to Special Funds, shall be allocated, after making provision for reserves, to surplus and what part, if any, shall be distributed to the members. 2. The distribution referred to in the preceding paragraph shall be made in proportion to the number of shares held byeach member. 3. Payments shall be made in such manner and in such currencyas the Board of Governors shall determine. Chapter VII WITHDRAWAL AND SUSPENSION OF MEMBERS, TEMPORARY SUSPENSION AND TERMINATION OF OPERATIONS OF THE BANK Article 41 WITHDRAWAL 1. Any member may withdraw from the Bank at any time by delivering 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 (6) months after the date that notice has been received by the Bank. However, at any time before the withdrawal becomes finally effective, the member maynotifythe Bank in writing of the cancellation of its notice of intention to withdraw. 3. A withdrawing member shall remain liable for all direct and contingent obligations to the Bank to which it was subject at the date of delivery of the withdrawal notice. If the withdrawal becomes finally effective, the member shall not incur any liability for obligations resulting from operations of the Bank effected after the date on which the withdrawal notice was received bythe Bank. Article 42 SUSPENSION OF MEMBERSHIP 1. If a member fails to fulfill any of its obligation to the Bank, the Board of Governors may suspend such member by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. 2. The member so suspended shall automatically cease to be a member of the Bank one (1) year from the date of its suspension unless the Board of Governors, during the one-year period, decides by the same majoritynecessaryfor suspension to restore the member to good standing. 3. 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. Article 43 SETTLEMENT OF ACCOUNTS 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as anypart of the loans or guarantees contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown bythe books of the Bank on the date the countryceases to be a member. 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 country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions 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 matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 5 of Article 6 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the countryceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, 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 and guarantees referred to in sub-paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any guarantees or loans which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned 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 in accordance with paragraph 5 to Article 6 of this Agreement, to the same 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 45 of this Agreement within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 45 to 47 of this Agreement. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights. Article 44 TEMPORARY SUSPENSION OF OPERATIONS In an emergency, the Board of Directors may temporarily suspend operations in respect of new loans and guarantees, pending an opportunity for further consideration and action by the Board of Governors. Article 45 TERMINATION OF OPERATIONS 1. The Bank may terminate its operations by a resolution of the Board of Governors approved by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. 2. After such termination, the Bank shall forthwith cease all activities, except those incident to the orderlyrealization, conservation and preservation of its assets and settlement of its obligations. Article 46 LIABILITY OF MEMBERS AND PAYMENT OF CLAIMS 1. In the event of termination of the operation of the Bank, the liability of all members for uncalled subscriptions to the capital stock of the Bank and in respect of the depreciation of their currencies shall continue until all claims of creditors, including all contingent claims shall have been discharged. 2. All creditors holding direct claims shall first be paid out of the assets of the Bank and then out of payments to the Bank or unpaid or callable subscriptions. 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 contingent claims. Article 47 DISTRIBUTION OF ASSETS 1. No distribution of assets shall be made to members on account of their subscriptions to the capital stock of the Bank until all liabilities to creditors have been discharged or provided for. Moreover, such distribution must be approved by the Board of Governors by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. 2. Any distribution of the assets of the Bank to the members shall be in proportion to the capital stock held by each member 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 asset. 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. Anymember receiving assets distributed pursuant to this Article shall enjoythe same rights with respect to such assets as the Bank enjoyed prior to their distribution. Chapter VIII STATUS, IMMUNITIES, EXEMPTIONS AND PRIVILEGES Article 48 PURPOSE OF CHAPTER To enable the Bank effectively to fulfill its purpose and carry out the functions entrusted to it, the status, immunities, exemptions and privileges set forth in this Chapter shall be accorded to the Bank in the territoryof each member. Article 49 LEGAL STATUS The Bank shall possess full juridical personalityand, in particular, full capacity: (i) to contract; (ii) to acquire, and dispose of, immovable and movable property; and (iii) to institute legal proceedings. Article 50 IMMUNITY FROM JUDICIAL PROCEEDINGS 1. The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in connection with the exercise of its powers to borrow money, to guarantee obligations, or to buy and sell or underwrite the sale of securities, in which cases actions may be brought against the Bank in a court of competent jurisdiction in the territory of a country in which the Bank has its principal or a branch office, or has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. 2. Notwithstanding the provisions of paragraph 1 of this Article, no action shall be brought against the Bank by any member, or by any agency or instrumentality of a member, or by any entity or person directly or indirectly acting for or deriving claims from a member or from any agency or instrumentality of a member. Members shall have recourse to such special procedures for the settlement of controversies between the Bank and its members as may be prescribed in this Agreement, in the by-laws and regulations of the Bank, or in contracts entered into with the Bank. 3. Property and assets of the Bank, shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank. Article 51 IMMUNITY OF ASSETS Property and assets of the Bank, wheresoever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive or legislative action. Article 52 IMMUNITY OF ARCHIVES The archives of the Bank, and, in general, all documents belonging to it, or held by it, shall be inviolable, wherever located. Article 53 FREEDOM OF ASSETS FROM RESTRICTIONS To the extent necessary to carry out the purpose and functions of the Bank effectively, 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 anynature. Article 54 PRIVILEGE FOR COMMUNICATIONS Official communications of the Bank shall be accorded by each member treatment not less favourable than that it accords to the official communications of anyother member. Article 55 IMMUNITIES AND PRIVILEGES OF BANK PERSONNEL All Governors, Directors, alternates, officers and employees of the Bank, including experts performing missions for the Bank: (i) shall be immune from legal process with respect to acts performed by them in their official capacity, except when the Bank waives the immunity; (ii) where they are not local citizens or 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 (iii) shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members. Article 56 EXEMPTION FROM TAXATION 1. The Bank, its assets, property, income and its operations and transactions, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of anytax or duty. 2. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, except where a member deposits with its instrument of ratification or acceptance a declaration that such member retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to citizens or nationals of such member. 3. No tax of any kind shall be levied on any obligation or security issued by the Bank, including anydividend or interest thereon, bywhomsoever 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 bythe Bank. 4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including anydividend or interest thereon, bywhomsoever held: (i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained bythe Bank. Article 57 IMPLEMENTATION Each member, in accordance with its juridical system, shall promptly take such action as is necessary to make effective in its own territory the provisions set forth in the Chapter and shall inform the Bank of the action which it has taken on the matter. Article 58 WAIVER OF IMMUNITIES, EXEMPTIONS AND PRIVILEGES The Bank at its discretion maywaive anyof the privileges, immunities and exemptions conferred under this Chapter in anycase or instance, in such manner and upon such conditions as it maydetermine to be appropriate in the best interests of the Bank. Chapter IX AMENDMENTS, INTERPRETATION, ARBITRATION Article 59 AMENDMENTS 1. This Agreement may be amended only by a resolution of the Board of Governors approved by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members. 2. Notwithstanding the provisions of paragraph 1 of this Article, the unanimous agreement of the Board of Governors shall be required for the approval of anyamendment modifying: (i) the right to withdrawfromthe Bank; (ii) the limitations on liabilityprovided in paragraphs 6 and 7 of Article 5; and (iii) the rights pertaining to purchase of capital stock provided in paragraph 2 of Article 5. 3. Any proposal to amend this Agreement, whether emanating from a member or the Board of Directors, shall be communicated to the Chairman of the Board of Governors, who shall bring the proposal before the Board of Governors. When an amendment has been adopted, the Bank shall so certify in an official communication addressed to all members. Amendments shall enter into force for all members three (3) months after the date of the official communication unless the Board of Governors specifies therein a different period. Article 60 INTERPRETATION OR APPLICATION 1. Any question of interpretation or application of the provisions of this Agreement arising between any member and the Bank, or between two or more members of the Bank, shall be submitted to the Board of Directors for decision. If there is no Director of its nationality on that Board, a member particularly affected by the question under consideration shall be entitled to direct representation in the Board of Directors during such consideration; the representative of such member shall, however, have no vote. Such right of representation shall be regulated bythe Board of Governors. 2. In any case where the Board of Directors has given a decision under paragraph 1 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 necessary, act on the basis of the decision of the Board of Directors. Article 61 ARBITRATION If a disagreement should arise between the Bank and a country which has ceased to be a member, or between the Bank and any member, after adoption of a resolution to terminate the operations of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators. One of the arbitrators shall be appointed by the Bank, another by the country 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 be empowered to settle all questions of procedure in any case where the parties are in disagreement with respect thereto. Article 62 APPROVAL DEEMED GIVEN Whenever the approval of anymember is required before anyact maybe done bythe Bank, approval shall be deemed to have been given unless the member presents an objection within such reasonable period as the Bank mayfix in notifying the member of the proposed act. Chapter X FINAL PROVISIONS Article 63 SIGNATURE AND DEPOSIT 1. The original of this Agreement in a single copy in the English language shall remain open for signature at the United Nations Economic Commission for Asia and the Far East, in Bangkok, until 31 January 1966 by Governments of countries listed in Annex A to this Agreement. This document shall thereafter be deposited with the Secretary-General of the United Nations (hereinafter called the "Depository"). 2. The Depository shall send certified copies of this Agreement to all the Signatories and other countries which become members of the Bank. Article 64 RATIFICATION OR ACCEPTANCE 1. This Agreement shall be subject to ratification or acceptance by the Signatories. Instruments of ratification or acceptance shall be deposited with the Depository not later than 30 September 1966. The Depositoryshall dulynotifythe other Signatories of each deposit and the date thereof. 2. A Signatory whose instrument of ratification or acceptance 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 or acceptance is deposited. Article 65 ENTRY INTO FORCE This Agreement shall enter into force when instruments of ratification or acceptance have been deposited by at least fifteen (15) Signatories (including not less than ten [10] regional countries) whose initial subscriptions, as set forth in Annex A to this Agreement, in the aggregate comprise not less than sixty-five (65) per cent of the authorized capital stock of the Bank. Article 66 COMMENCEMENT OF OPERATIONS 1. As soon as this Agreement enters into force, each member shall appoint a Governor, and the Executive Secretary of the United Nations Economic Commission for Asia and the Far East shall call the inaugural meeting of the Board of Governors. 2. At its inaugural meeting, the Board of Governors: (i) shall make arrangements for the election of Directors of the Bank in accordance with paragraph 1 of Article 30 of this Agreement; and (ii) shall make arrangements for the determination of the date on which the Bank shall commence its operations. 3. The Bank shall notifyits members of the date of the commencement of its operations. DONE at the Cityof Manila, Philippines, on 4 December 1965, in a single copyin the English language which shall be brought to the United Nations Economic Commission for Asia and the Far East, Bangkok, and thereafter deposited with the Secretary-General of the United Nations, NewYork, in accordance with Article 63 of this Agreement. Annex A INITIAL SUBSCRIPTIONS TO THE AUTHORIZED CAPITAL STOCK FOR COUNTRIES WHICH MAY BECOME MEMBERS IN ACCORDANCE WITH ARTICLE 64 Part A. REGIONAL COUNTRIES I Country Amount of subscription (in million US dollars) 1. Afghanistan ............................................................................................................... 3.36 2. Australia ..................................................................................................................... 85.00 3. Cambodia .................................................................................................................... 3.00 4. Ceylon ......................................................................................................................... 8.52 5. China, Republic of ..................................................................................................... 16.00 6. India.............................................................................................................................93.00 7. Iran...............................................................................................................................60.00 8. Japan ............................................................................................................................200.00 9. Korea, Republic of...................................................................................................... 30.00 10. Laos .............................................................................................................................. 0.42 11. Malaysia ......................................................................................................................20.00 12. Nepal ............................................................................................................................ 2.16 13. NewZealand ...............................................................................................................22.56 14. Pakistan .......................................................................................................................32.00 15. Philippines .................................................................................................................. 35.00 16. Republic of Viet Nam................................................................................................ 7.00 17. Singapore .................................................................................................................... 4.00 18. Thailand ......................................................................................................................20.00 19. Western Samoa ......................................................................................................... 0.06 Total..................................................... 642.08 II The following regional countries may become Signatories of this Agreement in accordance with Article 63, provided that at the time of signing, they shall respectively subscribe to the capital stock of the Bank in the following amounts: Country Amount of subscription (in million US dollars) 1. Burma ............................................................................................................................7.74 2. Mongolia ...................................................................................................................... 0.18 Total...................................................... 7.92 Part B. NON-REGIONAL COUNTRIES I Country Amount of subscription (in million US dollars) 1. Belgium............................................................................................................................. 5.00 2. Canada ............................................................................................................................. 25.00 3. Denmark............................................................................................................................ 5.00 4. Germany, Federal Republic of....................................................................................... 30.00 5. Italy................................................................................................................................... 10.00 6. Netherlands ..................................................................................................................... 11.00 7. United Kingdom............................................................................................................. 10.00 8. UnitedStates................................................................................................................... 200.00 Total ........................................................ 296.00 II The following non-regional countries which participated in the meeting of the Preparatory Committee on the Asian Development Bank in Bangkok from 21 October to 1 November 1965 and which there indicated interest in membership in the Bank, may become Signatories of this Agreement in accordance with Article 63, provided that at the time of signing, each such country shall subscribe to the capital stock of the Bank in an amount which shall not be less than five million dollars ($5,000,000): 1. Austria 3. Norway 2. Finland 4. Sweden III On or before 31 January 1966, any of the non-regional countries listed in Part B(I) of this Annex may increase the amount of its subscription by so informing the Executive Secretary of the United Nations Economic Commission for Asia and the Far East in Bangkok, provided, however, that the total amount of the initial subscriptions of the non-regional countries listed in Part B(I) and (II) of this Annex shall not exceed the amount of three hundred and fiftymillion dollars ($350,000,000). ____________________ With (i) increases of $4,000,000, $10,000,000 and $20.000,000, respectively, in the subscriptions of the Federal Republic of Germany (currently Germany), Italy and the United Kingdom authorized under Part B III of Annex A, (ii) increases in the subscriptions of Afghanistan, Cambodia, Republic of Viet Nam (currently Socialist Republic of Viet Nam) and Singapore authorized by Resolution No. 4 of the Board of Governors, (iii) admission to membership of Indonesia, Switzerland, Hong Kong, France, Fiji, Papua New Guinea, Tonga, Bangladesh, Solomon Islands, Burma (currently the Union of Myanmar), Kiribati, Cook Islands, Maldives, Vanuatu, Bhutan, Spain, the People's Republic of China, Marshall Islands, Federated States of Micronesia, Turkey, Mongolian People's Republic (currently Mongolia), Republic of Nauru, Tuvalu, Kazakhstan and Kyrgyz Republic, authorized by Resolution Nos. 4, 11, 23, 31, 32, 38, 48, 54, 57, 63, 74, 95, 113, 138, 148, 168, 176, 201, 202, 205, 206, 212, 219, 224 and 225, respectively, of the Board of Governors, (iv) additional subscriptions of members under Resolution Nos. 46, 104; and 158 of the Board of Governors, and (v) increase in the subscriptions of Canada, Finland, France, the Federal Republic of Germany (currently Germany), Indonesia, Italy, Japan, Republic of Korea, Malaysia, Netherlands, Sweden, Switzerland, United States and Western Samoa authorized by Resolution Nos. 55, 79, 80, 89, 99, 100, 112, 114, 174, 193, 194 and 195 of the Board of Governors, the following is the list of subscriptions: SUBSCRIPTIONS TO THE AUTHORIZED CAPITAL STOCK OF THE ASIAN DEVELOPMENT BANK As of 31 December 1994 1/ Amount of Subscription (in million) Expressed in terms of the Expressed in terms of US dollar of the weight the SDR at the value and fineness in effect on 31 in current United January 1966 i.e. 0.888671 States dollars of gramof fine gold $1.45985 per SDR Part A. REGIONAL COUNTRIES Afghanistan, Republic of $ 11.95 $ 17.44 Australia 1,023.70 1,494.45 Bangladesh 361.28 527.41 Bhutan 1.10 1.61 Cambodia 8.75 12.77 China, People's Republic of 1,140.00 1,664.23 Cook Islands 0.47 0.69 Fiji 12.03 17.56 Hong Kong 96.35 140.66 India 1,120.05 1,635.10 Indonesia 963.50 1,406.57 Japan 5,522.10 8,061.44 Kazakhstan 142.68 208.29 Kiribati 0.71 1.04 Korea Republic of 891.23 1,301.06 KyrgyzRepublic 52.91 77.24 Lao People's Democratic Republic 2.46 3.59 Malaysia 481.75 703.28 Maldives 0.71 1.04 Marshall Islands 0.47 0.69 Micronesia, Federated States of 0.71 1.04 Mongolia 2.66 3.88 Myanmar 96.35 140.66 Nauru, Republic of 0.71 1.04 Nepal 26.01 37.97 NewZealand 271.70 396.64 Pakistan 770.80 1,125.25 Papua NewGuinea 16.60 24.23 Philippines 421.52 615.36 Singapore 60.20 87.88 Solomon Islands 1.18 1.72 Sri Lanka, Democratic Socialist Republic of 102.60 149.78 Taipei, China 192.70 281.31 Thailand 481.74 703.27 Tonga 0.71 1.04 Tuvalu 0.25 0.36 Vanuatu 1.18 1.72 Viet Nam, Socialist Republic of 60.38 88.15 Western Samoa 0.58 0.85 Total 14,342.78 20,938.31 1/At exchange rate adopted as of 31 December 1994 Part B. NON-REGIONAL COUNTRIES Austria 60.20 87.88 Belgium 60.20 87.88 Canada 925.43 1,350.99 Denmark 60.20 87.88 Finland 60.20 87.88 France 411.78 601.14 Germany 765.34 1,117.29 Italy 319.75 466.79 Netherlands 181.47 264.92 Norway 60.20 87.88 Spain 60.20 87.88 Sweden 60.20 87.88 Switzerland 103.25 150.73 Turkey 60.20 87.88 United Kingdom 361.31 527.46 United States 2,781.05 4,030.72 Total 6,310.98 9,213 .08 Grand Total $20,653.76 $30,151.39 ======== ======== Annex B ELECTION OF DIRECTORS Section A. - Election of Directors byGovernors representing regional members. 1. Each Governor representing a regional member shall cast all votes of the member he represents for a single person. 2. The seven (7) persons receiving the highest number of votes shall be Directors, except that no person who received less than ten (10) per cent of the total voting power of regional members shall be considered as elected. 3. If seven (7) persons are not elected at the first ballot, a second ballot shall be held in which the person who received the lowest number of votes in the preceding ballot shall be ineligible and in which votes shall be cast onlyby: (a) Governors who voted in the preceding ballot for a person who is not elected; and (b) Governors whose votes for a person who is elected are deemed, in accordance with paragraph (4) of this Section, to have raised the votes cast for that person above eleven (11) per cent of the total voting power of regional members. 4. (a) In determining whether the votes-cast by a Governor shall be deemed to have raised the total number of votes for any person above eleven (11) per cent, the said eleven (11) per cent shall be deemed to include, first, the votes of the Governor casting the highest number of votes for that person, and then, in diminishing order, the votes of each Governor casting the next highest number until eleven (11) per cent is attained. (b) Any Governor, part of whose votes must be counted in order to raise the votes cast for any person above ten (10) per cent, shall be considered as casting all his votes for that person even if the total number of votes cast for that person therebyexceeds eleven (11) per cent. 5. If, after the second ballot, seven (7) persons are not elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, except that after six (6) persons are elected, the seventh may be elected -- notwithstanding the provisions of paragraph (2) of this Section -- by a simple majority of the remaining votes of regional members. All such remaining votes shall be deemed to have counted towards the election of the seventh Director. ________________________ At its Second Annual Meeting the Board of Governors reviewed the size and composition of the Board of Directors in conformity with the provisions of Article 30.1 (ii) and decided that effective from the Fourth Annual Meeting, eight (8) Directors shall be elected by the Governors representing regional members and that the minimum and maximum percentages specified in paragraphs 2, 3 and 4 of Section (A) of Annex B shall be adjusted at that meeting to 8% and 10% respectively (Resolution No. 27 of the Board of Governors). 6. In case of an increase in the number of Directors to be elected b, Governors representing regional members, the minimum and maximum percentages specified in paragraphs (2), (3) and (4) of Section Aof this Annex shall be correspondinglyadjusted bythe Board of Governors. Section B. - Election of Directors byGovernors representing non-regional members. 1. Each Governor representing a non-regional member shall cast all votes of the member he represents for a single person. 2. The three (3) persons receiving the highest number of votes shall be Directors, except that no person who receives less than twenty-five (25) per cent of the total voting power of non-regional members shall be considered as elected. 3. If three (3) persons are not elected at the first ballot, a second ballot shall be held in which the person who received the lowest number of votes in the preceding ballot shall be ineligible and in which votes shall be cast onlyby: (a) Governors who voted in the preceding ballot for a person who is not elected; and (b) Governors whose votes for a person. who is elected are deemed, in accordance with paragraph (4) of this Section, to have raised the votes cast for that person above twenty- six (26) per cent of the total voting power of non-regional members. 4. (a) In determining whether the votes cast by a Governor shall be deemed to have raised the total number of votes for any person above twenty-six (26) per cent, the said twenty-six (26) per cent shall be deemed to include, first, the votes of the Governor casting the highest number of votes for that person, and then, in diminishing order, the votes of each Governor casting the next highest number until twenty-six (26) per cent is attained. (b) Any Governor, part of whose votes must be counted in order to raise the votes cast for any person above twenty-five (25) per cent, shall be considered as casting all his votes for that person even if the total number of votes cast for that person therebyexceeds twenty-six (26) per cent. 5. If, after the second ballot, three (3) persons are not elected, further ballots shall be held in conformity with the principles and procedures laid down in this Section, except that after two (2) persons are elected, a third may be elected - provided that subscriptions from non-regional members shall have reached a minimum total of three hundred forty-five million dollars ($345,000,000) and notwithstanding the provisions of paragraph (2) of this Section - by a simple majority of the remaining votes. All such remaining votes shall be deemed to have counted towards the election of the third Director. 6. In case of an increase in the number of Directors to be elected by Governors representing non-regional members, the minimum and maximum percentages specified in paragraphs (2), (3) and (4) of Section B of this Annex shall be correspondinglyadjusted bythe Board of Governors. ________________________ At its Second Annual Meeting the Board of Governors reviewed the size and composition of the Board of Directors in conformitywith the provisions of Article 30.1 (ii) and decided that effective fromthe Fourth Annual Meeting, four (4) Directors shall be elected bythe Governors representing non-regional members and that the minimumand maximumpercentages specified in paragraph 2, 3 and 4 of Section (B) of Annex B shall be adjusted at that meeting to 16% and 19% respectively(Resolution No. 27 of the Board of Governors). Subsequently, the Board of Governors amended the minimumpercentage from16% to 17% (Resolution No. 37).