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11 DE ABRIL DE 1981

2143

2 — The Governing Board, acting by majority, sail 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 Boamd, acting by majority, shall elect its Chairman and Vice-chairmen.

ARTICLE 51

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

2 — The Governing Board shall review periodically and take appropriate action concerning developments in the international energy situation, including problems retaking 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 corrcpeitmoe 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 of ihe Agency.

ARTICLE 52

1—Subject to article 61, paragraph 2, and article 65, decisions adopted pursuant to this Agreement by ithe Governing Board or by any other organ by delegation 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 be composed of one or more senior representatives of 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.

Standing Groups

ARTICLE 54

1 — Each Standing Group shall be composed of one or more representatives of the Government of each Participating Country.

2 — The Management Committee, acting by majority, shall elect the Chairmen and Vice-Chairmen of the Standing Groups.

ARTICLE 55

1 — The Standing Group on Emergency Questions shall carry out the functions assigned to it in chapters i to v and the Annex and any other function delegated to it by the Governing Board.

2 — The Standing Group may review and report to the Management Committee on any matter within the scope of chapters i to v and the Annex.

3 — The Standing Group may consult with oil companies on any matter within its competence.

ARTICLE 56

1 — The Standing Group on the Oil Market shall carry out the functions assigned to it in chapters v and vi and any other function delegated to it by the Governing Board.

2 — The Standing Group may review and report to the Management Committee on any matter within the scope of chapters v and vi.

3 — The Standing Group may consult with oil companies on any matter within its competence.

ARTICLE 57

1 — The Standing Group on Long Term Co-operation shall carry out the functions assigned to it in chapter vu and any other function delegated to it by the Governing Board.

2 — The Standing Group may review and report to the Management Committee on any matter within the scope of chapter vn.

ARTICLE 58

1 — The Standing Group on Relations with Producer and other Consumer Countries shall carry out the functions assigned to it in chapter vm and any other function delegated to it by the Governing Board.

2 — The Standing Group may review and report to the Management Committee on any matter within the scope of chapter vm.

3 — The Standing Group may consult with oU companies on any matter within its competence.

Secretariat

ARTICLE 59

1 — The Secretariat shall be composed of an Executive Director and such staff as is necessary.

2 — The Executive Director shall be appointed by the Governing Board.

3 — In the performance of their duties under this Agreement the Executive Director and the staff shall be (responsible to and report to the organs of the Agency.

4 — The Governing Board, acting by majoray, shall take all decisions necessary for the establishment and the functioning of the Secretariat.