II SÉRIE-A — NÚMERO 98 8

2. Where expenditures incurred in furnishing such services are not reimbursable, the Bank shall charge such

expenditures to the income of the Bank.

CHAPTER IV

FINANCES OF THE BANK

Article 16 General Powers

In addition to the powers specified elsewhere in this Agreement, the Bank shall have the powers set out below.

1. The Bank may raise funds, through borrowing or other means, in member countries or elsewhere, in

accordance with the relevant legal provisions.

2. The Bank may buy and sell securities the Bank has issued or guaranteed or in which it has invested.

3. The Bank may guarantee securities in which it has invested in order to facilitate their sale.

4. The Bank may underwrite, or participate in the underwriting of, securities issued by any entity or enterprise

for purposes consistent with the purpose of the Bank.

5. The Bank may invest or deposit funds not needed in its operations.

6. The Bank shall ensure that every security issued or guaranteed by the Bank shall bear on its face a

conspicuous statement to the effect that it is not an obligation of any Government, unless it is in fact the obligation

of a particular Government, in which case it shall so state.

7. The Bank may establish and administer funds held in trust for other parties, provided such trust funds are

designed to serve the purpose and come within the functions of the Bank, under a trust fund framework which

shall have been approved by the Board of Governors.

8. The Bank may establish subsidiary entities which are designed to serve the purpose and come within the

functions of the Bank, only with the approval of the Board of Governors by a Special Majority vote as provided in

Article 28.

9. The Bank may 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 17 Special Funds

1. The Bank may accept Special Funds which are designed to serve the purpose and come within the

functions of the Bank; such Special Funds shall be resources of the Bank. The full cost of administering any

Special Fund shall be charged to that Special Fund.

2. Special Funds accepted by the Bank may be used on terms and conditions consistent with the purpose

and functions of the Bank and with the agreement relating to such Funds.

3. 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, except for those provisions expressly applicable only to ordinary operations of the Bank.

4. The term "Special Funds resources" shall refer to the resources of any Special Fund and shall include:

(i) funds accepted by the Bank for inclusion in any Special Fund;

(ii) funds received in respect of loans or guarantees, and the proceeds of any equity investments, financed

from the resources of any Special Fund which, under the rules and regulations of the Bank governing that Special

Fund, are received by such Special Fund;

(iii) income derived from investment of Special Funds resources; and

(iv) any other resources placed at the disposal of any Special Fund.

Article 18 Allocation and Distribution of Net Income

1. The Board of Governors shall determine at least annually what part of the net income of the Bank shall be

allocated, after making provision for reserves, to retained earnings or other purposes and what part, if any, shall

be distributed to the members. Any such decision on the allocation of the Bank’s net income to other purposes

shall be taken by a Super Majority vote as provided in Article 28.