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Il SÉRIE — NUMERO 29

with the provisions of the preceding paragraph shall become a member on the date on which its instrument of ratification or acceptance is deposited.

2 — Regional states which do not acquire membei-ship of the Bank in accordance with the provisions of paragraph 1 of this article may become members — after the Agreement has entered into force— by accession thereto on such terms as the Board of Governors shall determine. The Government of any such State shall deposit, on or before a date appointed by that Board, an instrument of accession with the Depositary who shall notify such deposit and the date thereof to the Bank and to the parties to this Agreement. Upon the deposit, the State shall become member of the Bank on the appointed date.

3 — A member may, when depositing its instrument of ratification or acceptance, declare that it retains for itself and its political subdivisions the right to ta* salaries and emoluments paid by the Bank to thai member's citizens, nationals or residents.

Article 65

Entry into force

This Agreement shall enter into force upon the deposit of instruments of ratification or acceptance by twelve signatory Governments whose initial subscriptions, as set forth in annex A to this Agreement, in aggregate comprise not less than sixty-five per cent of the authorized capital stock of the Bank provided always that 1 January 1964 shall be the earliest date on which this Agreement may enter into force in accordance with the provisions of this article.

Article 66 Commencement of operations

1 — As soon as this Agreement enters into force, each member shall appoint a governor, and the Trustee appointed for this purpose and for the purpose indicated in paragraph 5 of article 7 of this Agreement shall call the first meeting of the Board of Governors.

2 — At its first meeting, the Board of Governors:

a) Shall elect nine directors of the Bank, in

accordance with paragraph I of article 33

of this Agreement:

and

b) Make arrangements for the determination ol

the date on which the Bank shall commence its operations.

3 — The Bank shall notify its members of the date of the commencement of its operations.

' The words «authorized capital stock of ihe Bank* shall be understood lo refer to such authorized capital stock of the Bank as is equivalent to 211.2 million units of account and as corresponds to the aggregate initial number of shares to be subscribed by the Slates thai may acquire its membership in accordance with paragraph I of article 64 of the Agreement; see the Memorandum by the Executive Secretary of ihe United Nations Economic Commission for Africa on the interpretation of article 65 of the Agreement Esiablishing the African Development Bank, attached 'o ihe final act of the conference.

Done in Khartoum, this fourth day of August, nineteen hundred and sixty-three, in a single copy in the English and French languages. Amended at Abidjan by Resolution 05-79 of the Board of Governors, adopted at Abidjan on the seventeenth day of May, mineteen hundred and seventry-nine, date of entry into force: sixteenth February, nineteen hundred and eigthy-one.

ANNEX A

Initial subscriptions to the authorized capital stock of the Bank

"VER DIÁRIO ORIGINAL"

ANNEX 3 Election of directors

1 — Non-divisible vote:

At the election of directors each governor shall cast all votes of the member he represents for a single person.

2 — Regional directors:

a) The twelve persons receiving the highest num-

ber of votes of the governors representing the regional members shall be directors, except that no person who receives less than eight" per cent of the total voting power of the regional members shall be considered as elected;

b) ff twelve persons are not elected at the first

batlot, a second ballot shall be held in which the person who received the lowest number