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position and prospects of the area or areas concerned and to the nature and requirements of the project.

c) The Association may provide financing to a member, the government of a territory included within the Association's membership, a political subdivision of any of the foregoing, a public or private entity in the territories of a member or members, or to a public international or regional organization.

d) In the case of a loan to an entity other than a member, the Association may, in its discretion, require a suitable governmental or other guarantee or guarantees.

e) The Association, in special cases, may make foreign exchange available for local expenditures.

Section 3

Modifications of terms of financing

The Association may, when and to the extent it deems appropriate in die light of all relevant circumstances, including the financial and economic situation and prospects of the member concerned, and on such conditions as it may determine, agree to a relaxation or other modification of the terms on which any of its financing shall have been provided.

Section 4

Cooperation with other international organizations and members providing development assistance

The Association shall cooperate with those public international organizations and members wich provide financial and technical assistance to the less-developed areas of the world.

Section 5

Miscellaneous operations

In addition to the operations specified elsewhere in this Agreement, the Association may.

i) Borrow funds with the approval of the member

in whose currency the loan is denominated; u) Guarantee securities in which it has invested in order to facilitate their sale;

iii) Buy and sell securities it has issued or guaranteed or in which it has invested;

iv) In special cases, guarantee loans from other sources for purposes not inconsistent with die provisions of these articles;

v) Provide technical assistance and advisory services at the request of a member; and

vi) Exercise such other powers incidental to its operations as shall be necessary or desirable in furtherance of its purposes.

Section 6

Political activity prohibited

The Association and its officers shall not interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in this Agreement.

ARTICLE VI Organization and management

Section 1

Structure of the Association

The Association shall have a board of governors, executive directors, a president and such other officers and staff to perform such duties as the Association may determine.

Section 2

Board of governors

a) All the powers of the Association shall be vested in the board of governors.

b) Each governor and alternate governor of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio be a governor and alternate governor, respectively, of the Association. No alternate governor may vote except in the absence of his principal. The chairman of the board of governors of the Bank shall ex officio be chairman of the board of governors of the Association except that if the chairman of die board of governors of the Bank shall represent a State which is not a member of the Association, then the board of governors shall select one of the governors as chairman of the board of governors. Any governor or alternate governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Association.

c) The board of governors may delegate to the executive directors authority to exercise any of its powers, except the power to:

0 Admit new members and determine the conditions of their admission;

ii) Authorize additional subscriptions and determine the terms and conditions relating thereto;

iii) Suspend a member,

iv) Decide appeals from interpretations of this Agreement given by the executive directors;

v) Make arrangements pursuant to section 7 of this article to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character);

vi) Decide to suspend permanently the operations of the Association and to distribute its assets;

vii) Determine the distribution of the Association's net income pursuant to section 12 of this article; and

vii'i) Approve proposed amendments to this Agreement.

d) The board of governors shall hold an annual meeting and such other meetings as may be provided for by the board of governors or called by the executive directors.

e) The annual meeting of the board of governors shall be held in conjunction with the annual meeting of the board of governors of the Bank.

J) A quorum for any meeting of the board of governors shall be a majority of the governors, exercising not less than two-thirds of the total voting power.

g) The Association may by regulation establish a procedure whereby the executive directors may obtain a vote of the governors on a specific question without calling a meeting of the board of governors on a specific question without calling a meeting of the board of governors.

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