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II SÉRIE-A — NÚMERO 46

the principal documents for the meeting and an agenda to the representative of each donor designated pursuant to article 4, section 1, of the Fund Agreement.

Section 3 Limitations on Commitments

The Bank shall restrict commitments to the extent directed by a donor pursuant to article 2, section 1, c), of the Fund Agreement.

ARTICLE 3 Depositary functions

Section 1

Depositary for Agreements and Documents

The Bank shall be depositary for this Agreement, the Fund Agreement, instruments of ratification, acceptance or approval deposited under article 6, section 1, of the Fund Agreement, and Instruments of Qualified or Unqualified Contributions deposited under article 2, section 1, of that Agreement,

Section 2

Establishment of accounts

The Bank shall establish an account or accounts of the Bank as administrator of the Fund, to receive payments from donors pursuant to article 2, section 2, of the Fund Agreement. The Bank shall administer such accounts in accordance with this Agreement.

ARTICLE 4 Authority of the Bank and other matters

Section 1

Basic authority

a) The Bank represents that it has authority under arti-cle vn, section 1, v), of the Agreement Establishing the Inter-American Development Bank (hereinafter referred to as the «Charter») to carry out the provisions of this Agreement and that the activities undertaken pursuant to mis Agreement will help fulfill the purposes of the Bank.

b) Except as provided otherwise in this Agreement, the Bank shall have the authority to perform all acts and enter into all contracts necessary to carry out its functions under this Agreement.

c) The Bank shall invest monies of the Fund, not needed in its operations, in the same type of securities in which it invests its own funds under its investment authority.

Section 2

Standard of care

The Bank shall exercise the same care in the discharge of its functions under this Agreement as it exercises with respect to the administration and management of its own affairs.

Section 3

Expenses of the Bank

a) The Bank shall be fully reimbursed from the Fund for both direct and indirect costs for its activities related

to the Fund and those of the Inter-American Investment Corporation, including remuneration of staff of the Bank for the time actually dedicated to the administration of the Fund, travel, per diem, communication expenses and other similar directly identifiable expenses, calculated and recorded separately as expenses of administering the Fund.

b) The procedure for determining and calculating the expenses to be reimbursed to the Bank, and the criteria governing reimbursement of the costs described in paragraph a) shall be mutually agreed by die Bank and the Donors Committee in a period of not more than 90 days after the entry into force of the Fund Agreement. This procedure may be reviewed from time to time at the proposal of the Bank or die Donors Committee, and the application of any changes resulting from such review shall require agreement of the Bank and that Committee.

Section 4

Cooperation with National and International Organizations

In the administration of the Fund, the Bank may consult and cooperate with national and international organizations, both public and private, operating in the fields of social and economic development, when that would help achieve the purposes of the Fund or maximize efficiency in the use of the resources of the Fund.

Section 5

Project evaluation

In addition to evaluations requested by the Donors Committee, the Bank shall periodically evaluate the operations it has undertaken under this Agreement and report those evaluations to the Donors Committee.

ARTICLE 5 Accounting and reporting

Section 1 Separation of accounts

The Bank shall keep separate accounts and records of the resources and operations of the Fund, and each of the facilities of the Fund, in such a way as to permit the identification of the assets, liabilities, income, costs and expenses pertaining to the Fund, and each of its facilities, separate and independent of all other operations of the Bank. The accounting system used shall also permit the identification and recording of the origin of the various resources received by virtue of this Agreement and the funds generated by them, as well as their application to each of the facilities. The books of the Fund shall be kept in dollars of the United States of America, for which purpose translations between currencies shall be made at the rate of exchange in effect and used by the Bank at die time of each transaction.

Section 2

Reporting

a) As long as the present Agreement shall remain in force, the administration of the Bank shall present the following