Vorlage

In the event a member fails to pay any part of the amount due in respect of its obligations in relation to paid-in shares under Article 6, the number of share votes to be exercised by the member shall, as long as such failure continues, be reduced proportionately, by the percentage which the amount due and unpaid represents of the total par value of paid-in shares subscribed to by that member.

2. In voting in the Board of Governors, each Governor shall be entitled to cast the votes of the member he represents.

(i) Except as otherwise expressly provided in this Agreement, all matters

before the Board of Governors shall be decided by a majority of the votes cast.

(ii) A Super Majority vote of the Board of Governors shall require an

affirmative vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members.

(iii) A Special Majority vote of the Board of Governors shall require an

affirmative vote of a majority of the total number of Governors, representing not less than a majority of the total voting power of the members.

3. In voting in the Board of Directors, each Director shall be entitled to cast the number of votes to which the Governors who elected him are entitled and those to which any Governors who have assigned their votes to him, pursuant to Schedule B, are entitled.

(i) A Director entitled to cast the votes of more than one member may cast the

votes for those members separately.

(ii) Except as otherwise expressly provided in this Agreement, all matters

before the Board of Directors shall be decided by a majority of the votes cast.

Article 29 The President

1. The Board of Governors, through an open, transparent and merit-based process, shall elect a president of the Bank by a Super Majority vote as provided in Article 28. He shall be a national of a regional member country. The President, while holding office, shall not be a Governor or a Director or an Alternate for either.

2. The term of office of the President shall be five (5) years. He may be reelected once. The President may be suspended or removed from office when the Board of Governors so decides by a Super Majority vote as provided in Article 28.

(a) If the office of the President for any reason becomes vacant during his term, the Board of Governors shall appoint an Acting President