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2. In any case where the Board of Directors has given a decision under paragraph 1 of this Article, any

member may require that the question be referred to the Board of Governors, whose decision shall be final.

Pending the decision of the Board of Governors, the Bank may, so far as it deems necessary, act on the basis of

the decision of the Board of Directors.

Article 55 Arbitration

If a disagreement should arise between the Bank and a country which has ceased to be a member, or between

the Bank and any member after adoption of a resolution to terminate the operations of the Bank, such

disagreement shall be submitted to arbitration by a tribunal of three arbitrators. One of the arbitrators shall be

appointed by the Bank, another by the country 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 be empowered to settle all

questions of procedure in any case where the parties are in disagreement with respect thereto.

Article 56 Approval Deemed Given

Whenever the approval of any member is required before any act may be done by the Bank except under

paragraph 2 of Article 53, approval 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 XI

FINAL PROVISIONS

Article 57 Signature and Deposit

1. This Agreement, deposited with the Government of the People’s Republic of China (hereinafter called the

“Depository”), shall remain open until December 31, 2015 for signature by the Governments of countries whose

names are set forth in Schedule A.

2. The Depository shall send certified copies of this Agreement to all the Signatories and other countries

which become members of the Bank.

Article 58 Ratification, Acceptance or Approval

1. This Agreement shall be subject to ratification, acceptance or approval by the Signatories. Instruments of

ratification, acceptance or approval shall be deposited with the Depository not later than December 31, 2016, or

if necessary, until such later date as may be decided by the Board of Governors by a Special Majority vote as

provided in Article 28. The Depository shall duly notify the other Signatories of each deposit and the date thereof.

2. A Signatory whose instrument of ratification, acceptance or approval 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 59 Entry into Force

This Agreement shall enter into force when instruments of ratification, acceptance or approval have been

deposited by at least ten (10) Signatories whose initial subscriptions, as set forth in Schedule A to this Agreement,

in the aggregate comprise not less than fifty (50) per cent of total of such subscriptions.

Article 60 Inaugural Meeting and Commencement of Operations

1. As soon as this Agreement enters into force, each member shall appoint a Governor, and the Depository

shall call the inaugural meeting of the Board of Governors.

2. At its inaugural meeting, the Board of Governors:

(i) shall elect the President;

(ii) shall elect the Directors of the Bank in accordance with paragraph 1 of Article 25, provided that the Board

of Governors may decide to elect fewer Directors for an initial period shorter than two years in consideration of

the number of members and Signatories which have not yet become members;