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II SÉRIE - NÚMERO 37

ARTICLE 46

The Participating Countries will, in the context of the Program, exchange views on their relations with oil producing countries. To this end, the Participating Countries should inform each other of co-operative action on their part with producer countries which as relevant to the objectives of the Program.

ARTICLE 47

The Participating Countries will, in the context of the Program:

Seek, in the light of their continuous review of developments in the international energy situation and its effect on the world economy, opportunities and means of encouraging stable international trade in oil and of promoting secure oil supplies on reasonable and equitable terms for each Participating Country;

Consider, in the light of work going on in other international organizations, other possible fields of co-operation including the prospects for co-operation in accelerated industrialization and socio-economic development in the principal producing areas and the implications of this for international trade and investment;

Keep under review the prospects for co-operation with oil producing countries on energy questions of mutual interest, such as conservation of energy, the development of alternative sources, and research and development.

ARTICLE 48

It — The Standing Group on Relations with Producer and other Consumer Countries will examine and report, to the Management Committee on the matters described in this chapter.

2 — The Management Qxmmittee may make proposals on appropriate co-operative action regarding these matters to the Governing Board, which shall decide on such proposals.

CHAPTER IX Institutional and general provisions

ARTICLE 4»

1 — The Agency shall' have the following organs:

A Governing Board;

A Management Committee;

Standing Groups on:

Emergency Questions; The Oil Market; Long Term Co-Operation; Relations with Producer and Other Consumer Countries.

2 — The Governing Board or the Management Committee may, acting by majority, establish any other organ necessary for the implementation of the Program.

3 — The Agency shall have a Secretariat to assist the organs mentioned in paragraphs 1 and 2.

Governing Board

ARTICLE 50

1 — The Governing Board shall be composed oí one or more ministers or their delegates from eacih Participating Country.

2 — The Governing Board, acting by majority, salt adopt its own rules of procedure. Unless otherwise decided in the rules of procedure, these rules shall also apply to the Management Committee and the Standing Groups.

3 — The Governing Boaüd, acting by majority, shall elect its Chairman and Vice-Chairmen,

ARTICLE 51

1 — The Governing Board shall adopt decisions and make recommendations which are necessary for the proper functioning of the Program.

2 — The Governing Board shall review psriodlcally and -take appropriate action concerning developments in the international energy situation, including problems relating to the oil supplies of any Participating Country or Countries, and the economic and monetary implications of these developments. In its activities concerning the economic and monetary implications of developments in the international energy situation, the Governing Board shall take into account the competence and activities of international institutions responsible for overall economic and monetary questions.

3 — The Governing Board, acting by majority, may delegate any of its functions to any other organ al the Agency.

ARTICLE 52

1—Subject to article 61, paragraph 2, and sitíele 65, decisions adopted pursuant to this Agreement by the Governing Board or by any other organ by délégation from the Board shall be binding on the Participating Countries. #

2 — Recommendations shall not he binding.

Management Committee ARTICLE 53

1 — The Management Committee shall bs composed of one or more senior representatives ©f the Government of each Participating Country.

2 — The Management Committee shall carry out the functions assigned to it in this Agreement and any other function delegated to it by the Governing Board.

3 — The Management Committee may examine and make proposals to the Governing Board, as appropriate, on any matter within the scope of this Agreement.

4 — The Management Committee shall be convened upon the request of any Participating Country.

5 — The Management Committee, acting by majority, shall elect its Chairman and Vice-Chairmen.