9 DE MARÇO DE 1991

898-(137)

8 — Paragraph 6 of this article shall not apply to pensions and annuities paid by the Bank.

9 — No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:

i) Which discriminates against such obligation or security solely because it is issued by the Bank; or

ii) If the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.

10 — No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon by whomsoever held:

i) Which discriminates against such obligation or security solely because it is guaranteed by the Bank; or

ii) If the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

Article 54

Implementation of chapter

Each member shall promptly take such action as is necessary for the purpose of implementing the provisions of this chapter and shall inform the Bank of the detailed action which it has taken.

Article 55

Waiver of immunities, privileges and exemptions

The immunities, privileges and exemptions conferred under this chapter are granted in the interest of the Bank. The board of directors may waive to such extent and upon such conditions as it may determine any of the immunities, privileges and exemptions conferred under this chapter in cases where such action would, in its opinion, be appropriate in the best interests of the Bank. The president shall have the right and the duty to waive any immunity, privilege or exemption in respect of any officer, employee or expert of the Bank, other than the president or a vice-president, where, in his or her opinion, the immunity, privilege or exemption would impede the course of justice and can be waived without prejudice to the interests of the Bank. In similar circumstances and under the same conditions, the board of directors shall have the right and the duty to waive any immunity, privilege or exemption in respect of the president and each vice-president.

CHAPTER IX

Amendments, interpretation, arbitration

Article 56 Amendments

1 — Any proposal to amend this Agreement, whether emanating from a member, a governor or the board of directors, shall be communicated to the chairman

of the board of governors who shall bring the proposal before that board. If the proposed amendment is approved by the board the Bank shall, by any rapid means of communication, ask all members whether they accept the proposed amendment. When not less than three-fourths of the members (including at least two countries from Central and Eastern Europe listed in annex 4), having not less than four-fifths of the total voting power of the members, have accepted the proposed amendment, the Bank shall certify that fact by formal communication addressed to all members.

2 — Notwithstanding paragraph 1 of this article:

0 Acceptance by all members shall be required in the case of any amendment modifying:

a) The right to withdraw from the Bank;

b) The rights pertaining to purchase of capital stock provided for in paragraph 3 of article 5 of this Agreement;

c) The limitations on liability provided for in paragraph 7 of article 5 of this Agreement; and

d) The purpose and functions of the Bank defined by articles 1 and 2 of this Agree-ment;

ii) Acceptance by not less than three-fourths of the members having not less than eighty-five (85) per cent of the total voting power of the members shall be required in the case of any amendment modifying paragraph 4 of article 8 of this Agreement.

When the requirements for accepting any such proposed amendment have been met, the Bank shall certify that fact by formal communication addressed to all members.

3 — Amendments shall enter into force for all members three (3) months after the date of the formal communication provided for in paragraphs 1 and 2 of this article unless the board of governors specifies a different period.

Article 57 Interpretation and application

1 — Any question of interpretation or application of the provisions of this Agreement arising between any member and the Bank, or between any members of the Bank, shall be submitted to the board of directors for its decision. If there is no director of its nationality in that board, a member particularly affected by the question under consideration shall be entitled to direct representation in the meeting of the board of directors during such consideration. The representative of such member shall, however, have no vote. Such right of representation shall be regulated by the board of governors.

2 — In any case where the board of directors has given a decision under paragraph 1 of this article, any member may require that the question be referred to the board of governors, whose decision shall be final. Pending the decision of the board of governors, the Bank may, so far as it deems it necessary, act on the basis of the decision of the board of directors.