8-(10)

II SÉRIE - A — NÚMERO 2

lal voting power, have accepted die proposed amendments, the Association shall certify the fact by formal communication addressed to all members.

b) Notwithstanding a) above, acceptance by all members is required in the case of any amendment modifying:

i) The right to withdraw from the Association provided in article vn, section 1;

ii) The right secured by article in, section 1, c)£B; Hi) The limitation on liability provided in article n,

section 3.

c) Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.

ARTICLE X Interpretation and arbitration

a) Any question of interpretation of die provisions of this Agreement arising between any member and the Association or between any members of the Association shall be submitted to the executive directors for their decision. If the question particularly affects any member of the Association not entided to appoint an executive director of the Bank, it shall be entitled to representation in accordance with article \n, section 4, »).

b) In any ease where the executive directors have given a decision under a) above, any member may require mat the question be referred to the board of governors, whose decision shall be final. Pending the result of the reference to the board of governors, the Association may, so far as it deems necessary, act on die basis of the decision of the executive directors.

c) Whenever a disagreement arises between the Association and a country which has ceased to be a member or between the Association and any member during the permanent suspension of the Association such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Association, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the Association. The umpire shall have full power to setUe all questions of procedure in any case where the parties are in disagreement with respect thereto.

ARTICLE XI Final provisions

SecUon 1

Entry into force

This Agreement shall enter into force when it has been signed on behalf of governments whose subscriptions comprise not less than 65 % of the total subscriptions set forth in schedule A and when the instruments referred to in section 2, a), of this article have been deposited on their behalf, but in no event shall this Agreement enter into force before September 15, 1960.

Section 2

Signature

u) Each goveniment on whose behalf this Agreement is signed shall deposit with the Bank an instrument setting forth diat it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.

/;) Each goveniment shall become a member of the Association as from die date of the deposit on its behalf of the instrument referred to in paragraph a) above except that no government shall become a member before this Agreement enters into force under section 1 of this article.

t) This Agreement shall remain open for signature until die close of business on December 31, 1960, at the principal office of the Bank, on behalf of the governments of the states whose names are set forth in schedule A, provided that, if this Agreement shall not have entered into force by that date, the executive directors of the Bank may extend the period during which this Agreement shall remain open for signature by not more than six months.

cl) After this Agreement shall have entered into force, it shall be open for signature on behalf of the goveniment of any state whose membership shall have been approved pursuant to article n, section I, b).

Section 3

Territorial application

By its signature of this Agreement, each government accepts it bodi on its own behalf and in respect of all territories for whose international relations such government is responsible except those which are excluded by such government by written notice to die Association.

Section 4

Inauguration of the Association

a) As soon as diis Agreement enters into force under section 1 of this article the president shall call a meeting of the executive directors.

b) The Association shall begin operations on the date when such meeting is held.

t) Pending the first meeting of the board of governors, the executive directors may exercise all the powers of the bottrd of governors except those reserved to the board of governors under this Agreement.

Section 5

Registration

The Bank is authorized to register this Agreement widi the Secretariat of the United Nations in accordance with article 102 of die Charter of the United Nations and the regulations thereunder adopted by the General Assembly.

Done at Washington, in a single copy which shall remain deposited in the archives of the International Bank for Reconstruction