898-(138)

II SÉRIE-A — NÚMERO 31

Article 58

Arbitration

If a disagreement should arise between the Bank and a member which has ceased to be a member, or between the Bank and any member after adoption of a decision to terminate the operations of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three (3) arbitrators, one appointed by the Bank, another by the member or former member concerned and the third, unless the parties otherwise agree, by the president of the International Court of Justice or such other authority as may have been prescribed by regulations adopted by the board of governors. A majority vote of the arbitrators shall be sufficient to reach a decision which shall be final and binding upon the parties. The third arbitrator shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

Article 59

Approval deemed given

Whenever the approval or the acceptance of any member is required before any act may be done by the Bank, except under article 56 of this Agreement, approval or acceptance shall be deemed to have been given unless the member presents an objection within such reasonable period as the Bank may fix in notifying the member of the proposed act.

CHAPTER X Final provisions

Article 60

Signature and deposit

1 — This Agreement, deposited with the government of the French Republic (hereinafter called «the Deposi-tory»), shall remain open until 31 December 1990 for signature by the prospective members whose names are set forth in annex A to this Agreement.

2 — The Depository shall communicate certified copies of this Agreement to all the signatories.

Article 61 Ratification, acceptance or approval

1 — The Agreement shall be subject to ratification, acceptance or approval by the signatories. Instruments of ratification, acceptance or approval shall, subject to paragraph 2 of this article, be deposited with the Depository not later than 31 March 1991. The Depository shall duly notify the other signatories of each deposit and the date thereof.

2 — Any signatory may become a party to this Agreement by depositing an instrument of ratification, acceptance or approval until one year after the date of its entry into force or, if necessary, until such later date as may be decided by a majority of governors, representing a majority of the total voting power of the members.

3 — A signatory whose instrument referred to in paragraph 1 of this article is deposited before the date on which this Agreement enters into force shall become a member of the Bank on that date. Any other signatory which complies with the provisions of the preceding paragraph shall become a member of the Bank on the date on which its instrument of ratification, acceptance or approval is deposited.

Article 62 Entry into force

1 — This Agreement shall enter into force when instruments of ratification, acceptance or approval have been deposited by signatories whose initial subscriptions represent not less than two-thirds of the total subscriptions set forth in annex A, including at least two countries from Central and Eastern Europe listed in annex A.

2 — If this Agreement has not entered into force by 31 March 1991, the Depository may convene a conference of interested prospective members to determine the future course of action and decide a new date by instruments of ratification, acceptance or approval shall be deposited.

Article 63

Inaugural meeting and commencement of operations

1 — As soon as these Agreement enters into force under article 62 of this Agreement, each member shall appoint a governor. The Depository shall call the first meeting of the board of governors within sixty (60) days of entry into force of this Agreement under article 62 or as soon as possible thereafter.

2 — At its first meeting, the board of governors:

i) Shall elect the president; if) Shall elect the directors of the Bank in accordance with article 26 of this Agreement; .i7i) Shall make arrangements for determining the date of the commencement of the Bank's operations; and

iv) Shall make such other arrangements as appear to it necessary to prepare for the commencement of the Bank's operations.

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

Done at Paris on 29 May 1990 in a single original, whose English, French, German and Russian texts are equally authentic, which shall be deposited in the archives of the Depository which shall transmit a duly certified copy to each of the other prospective members whose names are set forth in annex A.