20 DE MARÇO DE 1991

930-(5)

CHAPTER III Operations

Article 8 Recipient countries and use of resources

1 — The resources and facilities of the Bank shall be used exclusively to implement the purpose and carry out the functions set forth, respectively, in articles 1 and 2 of this Agreement.

2 — The Bank may conduct its operations in countries from Central and Eastern Europe which are proceeding steadily in the transition towards market oriented economies and the promotion of private and entrepreneurial initiative, and which apply, by concrete steps and otherwise, the principles as set forth in article 1 of this Agreement.

3 — In cases where a member might be implementing policies which are inconsistent with article 1 of this Agreement, or in exceptional circumstances, the board of directors shall consider whether access by a member to Bank resources should be suspended or otherwise modified and may make recommendations accordingly to the board of governors. Any decision on these matters shall be taken by the board of governors by a majority of not less than two-thirds of the governors, representing not less than three-fourths of the total voting power of the members.

4 — /') Any Potential recipient country may request that the Bank provide access to its resources for limited purposes over a period of three (3) years beginning after the entry into force of this Agreement. Any such request shall be attached as an integral part of this Agreement as soon as it is made. //) During such a period:

a) The Bank shall provide to such a country, and to enterprises in its territory, upon their request, technical assistance and other types of assistance directed to finance its private sector, to facilitate the transition of state-owned enterprises to private ownership and control, and to help enterprises operating competitively and moving to participation in the market oriented economy, subject to the proportion set forth in paragraph 3 of article 11 of this Agreement;

b) The total amount of any assistance thus provided shall not exceed the total mount of cash disbursed and promissory notes issued by that country for its shares.

Hi) At the end of this period, the decision to allow such a country access beyond the limits specified in subparagraphs a) and b) shall be taken by the board of governors by a majority of not less than three-fourths of the governors representing not less than eighty-five (85) per cent of the total voting power of the members.

Article 9

Ordinary and special operations

The operations of the Bank shall consist of ordinary operations financed from the ordinary capital resources

of the Bank referred to in article 7 of this Agreement and special operations financed from the special funds resources referred to in article 19 of this Agreement. The two types of operations may be combined.

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 of entirely separately from each other. The financial statements of the Bank shall show the reserves of the Bank, together with its ordinary operations, and, separately, its special operations.

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 originally used 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 special funds resources. Any other expenses shall, subject to paragraph 1 of article 18 of this Agreement, be charged as the Bank shall determine.

Article 11

Methods of operation

1 — The Bank shall carry out its operations in furtherance of its purpose and functions as set out in articles 1 and 2 of this Agreement in any or all of the following ways:

0 By making or cofinancing together with multilateral institutions, commercial banks or other interested sources, or participating in, loans to private sector enterprises, loans to any state-owned enterprise operating competitively and moving to participation in the market oriented economy, and loans to any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises;

ii):

a?) By investment in the equity capital of private sector enterprises;

b) By investment in the equity capital of any state-owned enterprise operating competitively and moving to participation in the market oriented economy, and investment in the equity capital of any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises; and

c) By underwriting, where other means of financing are not appropriate, the equity issue of securities by both private

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