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II SÉRIE-A — NUMERO 46

donors. The approval of all donors shall be required for an amendment to this section or which involves any financial or other obligations of donors.

Section 5 SetUement of disputes

Any disputes arising under this Agreement between the Bank and the Donors Committee, which are not resolved by consultation, shall be settled by arbitration pursuant to annex A of this Agreement. Any arbitral award shall be final and shall be implemented by a donor, donors or the Bank in accordance with its or their constitucional procedures or the Charter, respectively.

Section 6 Limitations on liability

In the operations of the Fund, the financial liability of the Bank shall be limited to the resources and reserves (if any) of the Fund, and the liability of donors as donors shall be limited to the unpaid portion of their respective contributions that has become due and payable under the Fund Agreement.

Section 7

Withdrawal of a donor from the Fund Agreement

On the date its notice of withdrawal has become effective under article 6, section 4, a), of the Fund Agreement, a donor submitting such a notice shall be deemed to have withdrawn from this Agreement. Without prejudice to article 6, section 4, b), of the Fund Agreement, the Bank, subject to the approval of the Donors Committee, shall enter into an arrangement with such a donor for the settlement of their respective claims and obligations.

In witness whereof, the Bank and each of the prospective donors, each acting through its authorized representative, have signed this Agreement.

Done at Washington, district of Columbia, on 11 February 1992, in a single original, whose English, French, Portuguese and Spanish texts are equally authentic, which shall be deposited in the archives of the Bank which shall transmit a duly certified copy to each of the prospective donors listed in schedule A of the Fund Agreement.

ANNEX A Arbitration procedures

Article 1 Composition of the Tribunal

The Arbitration Tribunal to resolve disputes under article 7, section 5, of the Agreement for the Administration of the Multilateral Investment Fund (hereinafter referred to as the «Agreement») shall be composed of three mem-

bers to be appointed in the following manner: one by the Bank, another by the Donors Committee, and a third, hereinafter called the «referee», by direct agreement between the parties or through their respective arbitrators. If the parties or the arbitrators fail to agree on who shall be the referee, or if one of the parties should not designate an arbitrator, the referee shall be appointed, at the request of either party, by the Secretary General of the Organization of American States. If either of the parties fails to appoint an arbitrator, one shall be appointed by the referee. If either of the appointed arbitrators or the referee is unwilling or unable to act or to continue to act, his successor shall be appointed in the same manner as for the original appointment. The successor shall have the same functions and faculties as his predecessor.

Article 2

InlUatioD of the procedure

In order to submit the dispute to arbitration the claimant shall address to the other party a written communication setting forth the nature of the claim, the satisfaction or compensation which it seeks, and the name of the arbitrator it appoints. The party receiving such communication shall, within forty-five days, notify the adverse party of the name of the person it appoints as arbitrator. If, within thirty days after delivery of such notification to the claimant, the parties have not agreed as to the person who is to act as referee, either party may request the Secretary General of the Organization of American States to make the appointment.

Article 3 Convening of the Tribunal

The Arbitration Tribunal shall be convened in Washington, district of Columbia, United States of America, on the date designated by the referee, and, once convened, shall meet on the dates which the Tribunal itself shall establish.

Article 4 Procedure

a) The Tribunal shall be competent to hear only the matters in dispute. It shall adopt its own procedures and may on its own iniciative designate whatever experts it considers necessary. In any case, it shall give the parties the opportunity to make oral presentations.

b) The Tribunal shall proceed ex aequo et bono, basing itself on the terms of the Agreement, and sha\\ \ss\k an. award even if either party should fail to appear or present its case.

c) The award shall be in writing and shall be adopted with the concurrent vote of at least two members of the Tribunal. It shall be handed down within approximately sixty days from the date on which the referee has been appointed, unless the Tribunal determines that, due to special and unforeseen circumstances, such period should be extended. The award shall be notified to the parties by means of a communication signed by at least two members of the Tribunal.