6 DE MAIO DE 1988

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d) Within the three-year period provided for in sec-lion b) of this article, all decisions of the Council and Board shall be taken by special majority, except that decisions requiring a higher majority under this Convention shall be taken by such higher majority.

e) In case the capital stock of the Agency is increased pursuant to section c) of article 5, each member which so requests shall be authorized to subscribe a proportion of the increase equivalent to the proportion which its slock theretofore subscribed bears to the total capital stock of the Agency, but no member shall be obligated to subscribe any part of the increased capital.

f) The Council shall issue regulations regarding the making of additional subscriptions under section e) of this article. Such regulations shall prescribe reasonable time limits for the submission by members of requests to make such subscriptions.

Article 40 Voting in the Council

a) Each governor shall be entitled to cast the votes of the member he represents. Except as otherwise specified in this Convention, decisions of the Council shall be taken 3 by a majority of the votes cast

b) A quorum for any meeting of the Council shall be constituted by a majority of the governors exercising not less than two-thirds of the total voting power.

c) The Council may, by regulation, establish a procedure whereby the Board, when it deems such action to be in the best interests of the Agency, may request a decision of the Council on a specific question without calling a meeting of the Council.

Article 41 Election of directors

d) Directors shall be elected in accordance with schedule B.

b) Directors shall continue in office until their successors arc elected. If the office of a director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the governors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.

Article 42 Voting in the Hoard

d) Each director shall be entitled to cast the number of voles of die members whose votes counted towards his election. All the votes which a director is entitled to cast shall be cast as a unit. Except as otherwise specified in this Convention, decisions of the Board shall be taken by a majority of the votes cast.

b) A quorum for a meeting of the Board shall be constituted by a majority of the directors exercising not less than one-half of the toial voting power.

c) The Board may, by regulation, establish a procedure whereby its chairman, when he deems such action to be in the best interests of the Agency, may request a decision of ihc Board on a specific question without calling a meeting of the Board.

CHAPTER VII

Privileges and immunities

Article 43 Purposes of chapter

To enable the Agency to fulfill its functions, the immunities and privileges set forth in this chapter shall be accorded to the Agency in the territories of each member.

Article 44 Legal process

Actions other than those within the scope of articles 57 and 58 may be brought against the Agency only in a court of competent jurisdiction in the territories of a member in which the Agency has an office or has appointed an agent for the purpose of accepting service or notice of process. No such action against the Agency shall be brought: i) by members or persons acting for or deriving claims from members; or it) in respect of personnel mailers. The property and assets of the Agency shall, wherever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of the final judgment or award against the Agency.

Article 45 Assets

o) The property and assets of the Agency, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.

b) To the extent necessary to carry out its operations under this Convention, all property and assets of the Agency shall be free from restrictions, regulations, controls and moraioria of any nature; provided thai property and assets acquired by the Agency as successor to or subrogee of a holder of a guarantee, a reinsured entity or an investor insured by a reinsured entity shall be free from applicable foreign exchange restrictions, regulations and controls in force in the territories of the member concerned to the extent that the holder, entity or investor to whom the Agency was subrogated was entitled to such treatment.

c) For purposes of this chapter, ihc lerm «asscts» shall include die assets of ihc Sponsorship Trust Fund referred to in annex i to this Convention and other assets administered by the Agency in furtherance of its objective.

Article 46 Archives and communications

a) The archives of the Agency shall be inviolable, wherever they may be.

b) The official communications of the Agency shall be accorded by each member the same treauneni that is accorded to ihc official communications of the Bank.

Article 47

Taxes

a) The Agency, its assets, property and income, and its operations and transactions authorized by this Convention shall be immune from all taxes and customs duties. The Agency shall also be immune from liability for the collection or payment of any tax or duty.