Agreement Establishing Ebrd

In the event of disagreement between the Bank and a member who is no longer a member, or between the Bank and a member following the adoption of a decision to terminate the Bank`s activities, this disagreement is referred to an arbitral tribunal of three (3) arbitrators, one by the bank, the other by the member or former member concerned and the third , unless the parties agree otherwise, by the President of the International Court of Justice or by another authority prescribed by the regulations adopted by the Governing Council. A majority of arbitrators is sufficient to make a final and binding decision for the parties. The third arbitrator has full authority to resolve all procedural issues in all cases where the parties do not agree on this issue. Providing special funds in accordance with the agreements to use these funds; 2. Special funds accepted by the Bank may be used in any manner and conditions that are consistent with the Purpose and Tasks of the Bank, the other applicable provisions of this agreement, and the agreement or agreements relating to these funds. The Governing Council has overall power over the EBRD and is also responsible for the strategic management of the organisation. Its powers include admitting new members or suspending membership; Increasing or reducing the Bank`s authorized capital stock; authorize the conclusion of general cooperation agreements with other international organizations; The election of the Bank`s directors and president and the setting of their remuneration; Approval of the bank`s general balance sheet and profit and loss account; For the determination of reserves, as well as for the allocation and distribution of the Bank`s net profits. It is also important to note that each member is represented on the Board of Governors. Shareholders may appoint a governor and a substitute, both of which serve the designated member. Hungary is represented on the board of directors by its finance minister and by a substitute appointed by the minister. The Governing Council holds its meetings at least once a year.

For each meeting of the Governing Council, two-thirds of the governors form a quorum, provided that this majority represents no less than two-thirds of the total voting rights of the members. to enter into cooperation agreements with public or private organizations or bodies. Any governor who does not participate in the election or whose vote does not contribute to the election of a director in accordance with Section A or Section B, Section B (ii) or Section B (iii) of this appendix may award the votes to which he is entitled to an elected director, provided that the Governor has first obtained the approval of all the governors who have chosen him for that term. 2. The spouses and direct support creditors of these directors, assistant directors, senior executives, employees and experts of the bank who reside in the country where the bank is headquartered have the opportunity to hold a job in that country.

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