Articles Of Agreement Of The World Bank
Thank you for agreeing to comment on the new version of worldbank.org; Your response will help us improve our website. (a) Each member designates his central bank as the custodian of all the Bank`s assets in its currency or, if it does not have a central bank, the other institution that is acceptable to the Bank. Each organization of the World Bank Group operates according to procedures established by its contractual provisions or by an equivalent government document. These documents describe the terms of membership and the general principles of organization, management and operations. You clicked on a link to a page that is not part of the beta version of the new worldbank.org. Before you leave, we`d like to hear from you about your experience while you were here. Will you take two minutes to complete a brief survey that will help us improve our website? The ICSID Convention came into force through a multilateral agreement and came into force on 14 October 1966. (a) There is an advisory board of no less than seven people selected by the Governing Council, including representatives from the banking, industry, industry, labour and agriculture sectors, and with as broad a national representation as possible. In areas where specialized international organizations exist, Council members who are representative of these areas are chosen in agreement with these organizations. The Council advises the Bank on policy issues.
The Board meets annually and on other occasions that the Bank may request. b) all loan contracts define the currency or currencies in which payments are made to the Bank under the contract. However, at the borrower`s choice, these payments may be made in gold or, subject to the bank`s agreement, in the currency of a member other than the part stipulated in the contract. Thank you for your participation in this survey! Your feedback is very helpful to us as we work to improve the website`s functionality on worldbank.org. . (vii) Determine the distribution of the bank`s net income. (a) All powers of the Bank are assigned to the Governing Council, composed of a governor and a substitute appointed by each member, in the manner it has defined. Each governor and alternate is in office for five years, subject to the joy of the appointing member, and can be recognized.
No substitute person may vote, except in the absence of his principal. The board of directors elects one of the governors as president. b) Unless expressly stated otherwise, all issues are decided before the Bank by a majority of the votes cast. Each member takes the necessary steps on its territory to ensure that the principles set out in this article are implemented in accordance with their own law and informs the Bank of the detailed measures it has taken. c) The changes will take effect for all members three months after the date of formal notification, unless the circular or telegram specifies a shorter time frame. . (b) Notwithstanding the points (a) above, acceptance by all members is required in the event of a change: (i) five are appointed, one of the five members having the highest number of shares; (i) is immune from legal proceedings with respect to the acts they have committed in their official capacity, unless the Bank lifts that immunity;