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II SÉRIE-A - NÚMERO 20

a deciding vote in case of an equal division. He may participate in meetings of the board of governors, but shall not vote at such meetings. The president shall cease to hold office when the executive directors so decide.

b) The president shall be chief of the operating staff of the Bank and shall conduct, under the direction of the executive directors, the ordinary business of the Bank. Subject to the general control of the executive directors, he shall be responsible for the organization, appointment and dismissal of the officers and staff.

c) The president, 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 ans shall refrain from all attempts to influence any of them in the discharge of their duties.

d) In appointing the officers and staff the president shall, suject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.

Section 6 Advisory council

a) There shall be an advisory council of not less than seven persons selected by the board of governors including representatives of banking, commercial, industrial, labor, and agricultural interests, and whith as wide a national representation as possible. In those fields where specialized international organizations exist, the members of the council representative of those fields shall be selected in agreement with such organizations. The council shall advise the Bank on matters of general policy. The council shall meet annually and on such other occasions as the Bank may request.

b) Councillors shall serve for two years and may be reappointed. They shall be paid their reasonable expenses incurred on behalf of the Bank.

Section 7 Loan committees

The committees required to report on loans under article m, section 4, shall be appointed by the Bank. Each such committee shall include an expert selected by the governor representing the member in whose territories the project is located and one or more members of the technical staff of the Bank.

Section 8

Relationship to other international organizations

a) The Bank within the terms of this Agreement, shall cooperate with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under article vm.

b) In making decisions on applications for loans or guarantees relating to matters directly within the competence of any international organization of the types specified in the preceding paragraph and participated in primarily by members of the Bank, the Bank shall give consideration to the views and recommendations of such organization.

Section 9

Location of offices

a) The principal office of the Bank shall be located in the territory of the member holding the greatest number of shares.

b) The Bank may establish agencies of branch offices in the territories of any member of the Bank.

Section 10

Regional offices and councils

a) The Bank may establish regional offices and determine the location of, and the areas to be covered by, each regional office.

b) Each regional office shall be advised by a regional council representative of the entire area and selected in such manner as the Bank may decide.

Section 11 Depositories

d) Each member shall designate its central bank as a depository for all the Bank's holdings of its currency or, if it has no central bank, it shall designate such other institution as may be acceptable to the Bank.

b) The Bank may hold other assets, including gold, in depositories designated by the five members having the largest number of shares and in such other designated depositories as the Bank may select. Initially, at least one-half of the gold holdings of the Bank shall be held in the depository designated by the member in whose territory the Bank has its principal office, and at least forty percent shall be held in the depositories designated by the remaining four members referred to above, each of such depositories to hold, initially, not less than the amount of gold paid on the shares of the member designating it. However, all transfers of gold by the Bank shall be made with due regard to the costs of transport and anticipated requirements of the Bank. In an emergency the executive directors may transfer all or any part of the Bank's gold holdings to any place where they can be adequately protected.

Section 12 Form of holdings of currency

The Bank shall accept from any member, in place of any part of the member's currency, paid in to the Bank under article n, section 7, I), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member,