9 DE MARÇO DE 1991

898-(133)

than a majority of the total voting power of the members, shall elect a president of the Bank. The president, while holding office, shall not be a governor or a director or an alternate for either.

2 — The term of office of the president shall be four (4) years. He or she may be re-elected. He or she shall, however, cease to hold office when the board of governors so decides by an affirmative vote of not less than two- thirds of the governors, representing not less than two-thirds of the total voting power of the members. If the office of the president for any reason becomes vacant, the board of governors, in accordance with the provisions of paragraph 1 of this article, shall elect a successor for up to four (4) years.

3 — The president shall not vote, except that he or she may cast a deciding vote in case of an equal division. He or she may participate in meetings of the board of governors and shall chair the meetings of the board of directors.

4 — The president shall be the legal representative of the Bank.

5 — The president shall be chief of the staff of the Bank. He or she shall be responsible for the organisation, appointment and dismissal of the officers and staff in accordance with regulations to be adopted by the board of directors. In appointing officers and staff, he or she shall, subject to the paramount importance of efficiency and technical competence, pay due regard to recruitment on a wide geographical basis among members of the Bank.

6 — The president shall conduct, under the direction of the board of directors, the current business of the Bank.

Article 31 Vice-presidenl(s)

1 — One or more vice-presidents shall be appointed by the board of directors on the recommendation of the president. A vice-president shall hold office for such term, exercise such authority and perform such functions in the administration of the Bank, as may be determined by the board of directors. In the absence or incapacity of the president, a vice-president shall exercise the authority and perform the functions of the president.

2 — A vice-president may participate in meetings of the board of directors but shall have no vote at such meetings, except that he or she may cast the deciding vote when acting in place of the president.

Article 32 International character of the Bank

1 — The Bank shall not accept special funds or other loans or assistance that may in any way prejudice, deflect or otherwise alter its purpose or functions.

2 — The Bank, its president, vice-president(s), officers and staff shall in their decisions take into account only considerations relevant to the Bank's purpose, functions and operations, as set out in this Agreement. Such considerations shall be weighed impartially in order to achieve and carry out the purpose and functions of the Bank.

3 — The president, vice-president(s), officers and staff of the Bank, in the discharge of their offices, shall owe their duty entirely to the Bank and to no other authority. Each member of the Bank shall respect the international character of this duty and shall refrain from all attempts to influence any of them in the discharge of their duties.

Article 33 Location of offices

1 — The principal office of the Bank shall be located in London.

2 — The Bank may establish agencies or branch offices in the territory of any member of the Bank.

Article 34 Depositories and channels of communication

1 — Each member shall designate its central bank, or such other institution as may be agreed upon with the Bank, as a depository for all the Bank's holdings of its currency as well as other assets of the Bank.

2 — Each member shall designate an appropriate official entity with which the Bank may communicate in connection with any matter arising under this Agreement.

Article 35

Publication of reports and provision of information

1 — The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three (3) months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations. The financial accounts shall be kept in ECU.

2 — The Bank shall report annually on the environmental impact of its activities and may publish such other reports as it deems desirable to advance its purpose.

3 — Copies of all reports, statements and publications made under this article shall be distributed to members.

Article 36

Allocation and distribution of net income

1 — The board of governors shall determine at least annually what part of the Bank's net income, after making provision for reserves and, if necessary, against possible losses under paragraph 1 of article 17 of this Agreement, shall be allocated to surplus or other purposes and what part, if any, shall be distributed. Any such decision on the allocation of the Bank's net income to other purposes shall be taken by a majority of not less than two-thirds of the governors, representing not less than two-thirds of the total voting power of the members. No such allocation, and no distribution, shall be made until the general reserve amounts to at least ten (10) per cent of the authorized capital stock.