GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bretton Woods and Related Agreements Act — B-7 Section 8
Section 8 Miscellaneous operations In addition to the operations specified elsewhere in this Agreement, the Bank shall have the power: (i) To buy and sell securities it has issued and to buy and sell securities which it has guaranteed or in which it has invested, provided that the Bank shall obtain the approval of the member in whose territories the securities are to be bought or sold. (ii) To guarantee securities in which it has invested for the purpose of facilitating their sale. (iii) To borrow the currency of any member with the approval of that member. (iv) To buy and sell such other securities as the Directors by a three-fourths majority of the total voting power may deem proper for the investment of all or part of the special reserve under Section 6 of this Article. In exercising the powers conferred by this Section, the Bank may deal with any person, partnership, association, corporation or other legal entity in the territories of any member.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) To buy and sell securities it has issued and to buy and sell securities which it has guaranteed or in which it has invested, provided that the Bank shall obtain the approval of the member in whose territories the securities are to be bought or sold.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) To guarantee securities in which it has invested for the purpose of facilitating their sale.
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) To borrow the currency of any member with the approval of that member.
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) To buy and sell such other securities as the Directors by a three-fourths majority of the total voting power may deem proper for the investment of all or part of the special reserve under Section 6 of this Article.
Bretton Woods and Related Agreements Act — B-7
In exercising the powers conferred by this Section, the Bank may deal with any person, partnership, association, corporation or other legal entity in the territories of any member.
Bretton Woods and Related Agreements Act — B-7 Section 9
Section 9 Warning to be placed on securities Every security guaranteed or issued by the Bank shall bear on its face a conspicuous statement to the effect that it is not an obligation of any government unless expressly stated on the security.
Bretton Woods and Related Agreements Act — B-7 Section 10
Section 10 Political activity prohibited The Bank and its officers shall not interfere in the political affairs of any member; nor shall they be influenced in their decisions by the political character of the member or members concerned. Only economic considerations shall be relevant to their decisions, and these considerations shall be weighed impartially in order to achieve the purposes stated in Article I.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Structure of the Bank The Bank shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Bank may determine.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) All the powers of the Bank shall be vested in the Board of Governors consisting of one governor and one alternate appointed by each member in such manner as it may determine. Each governor and each alternate shall serve for five years, subject to the pleasure of the member appointing him, and may be reappointed. No alternate may vote except in the absence of his principal. The Board shall select one of the governors as Chairman.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Board of Governors may delegate to the Executive Directors authority to exercise any powers of the Board, except the power to: (i) Admit new members and determine the conditions of their admission; (ii) Increase or decrease the capital stock; (iii) Suspend a member; (iv) Decide appeals from interpretations of this Agreement given by the Executive Directors; (v) Make arrangements to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character); (vi) Decide to suspend permanently the operations of the Bank and to distribute its assets; (vii) Determine the distribution of the net income of the Bank.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) Admit new members and determine the conditions of their admission;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) Increase or decrease the capital stock;
Bretton Woods and Related Agreements Act — B-7 (iv)
(iv) Decide appeals from interpretations of this Agreement given by the Executive Directors;
Bretton Woods and Related Agreements Act — B-7 (v)
(v) Make arrangements to cooperate with other international organizations (other than informal arrangements of a temporary and administrative character);
Bretton Woods and Related Agreements Act — B-7 (vi)
(vi) Decide to suspend permanently the operations of the Bank and to distribute its assets;
Bretton Woods and Related Agreements Act — B-7 (vii)
(vii) Determine the distribution of the net income of the Bank.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The Board of Governors shall hold an annual meeting and such other meetings as may be provided for by the Board or called by the Executive Directors. Meetings of the Board shall be called by the Directors whenever requested by five members or by members having one-quarter of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) A quorum for any meeting of the Board of Governors shall be a majority of the Governors, exercising not less than two-thirds of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) The Board of Governors may by regulation establish a procedure whereby the Executive Directors, when they deem such action to be in the best interests of the Bank, may obtain a vote of the Governors on a specific question without calling a meeting of the Board.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) The Board of Governors, and the Executive Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Bank.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) Governors and alternates shall serve as such without compensation from the Bank, but the Bank shall pay them reasonable expenses incurred in attending meetings.
Bretton Woods and Related Agreements Act — B-7 (h)
(h) The Board of Governors shall determine the remuneration to be paid to the Executive Directors and the salary and terms of the contract of service of the President.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each member shall have two hundred fifty votes plus one additional vote for each share of stock held.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Except as otherwise specifically provided, all matters before the Bank shall be decided by a majority of the votes cast.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Executive Directors shall be responsible for the conduct of the general operations of the Bank, and for this purpose, shall exercise all the powers delegated to them by the Board of Governors.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) There shall be twelve Executive Directors, who need not be governors, and of whom: (i) five shall be appointed, one by each of the five members having the largest number of shares; (ii) seven shall be elected according to Schedule B by all the Governors other than those appointed by the five members referred to in (i) above.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) five shall be appointed, one by each of the five members having the largest number of shares;
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) seven shall be elected according to Schedule B by all the Governors other than those appointed by the five members referred to in (i) above.
Bretton Woods and Related Agreements Act — B-7
For the purpose of this paragraph, members means governments of countries whose names are set forth in Schedule A, whether they are original members or become members in accordance with Article II, Section 1(b). When governments of other countries become members, the Board of Governors may, by a four-fifths majority of the total voting power, increase the total number of directors by increasing the number of directors to be elected.
Bretton Woods and Related Agreements Act — B-7
Executive directors shall be appointed or elected every two years.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Each executive director shall appoint an alternate with full power to act for him when he is not present. When the executive directors appointing them are present, alternates may participate in meetings but shall not vote.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the governors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate.
Bretton Woods and Related Agreements Act — B-7 (e)
(e) The Executive Directors shall function in continuous session at the principal office of the Bank and shall meet as often as the business of the Bank may require.
Bretton Woods and Related Agreements Act — B-7 (f)
(f) A quorum for any meeting of the Executive Directors shall be a majority of the Directors, exercising not less than one-half of the total voting power.
Bretton Woods and Related Agreements Act — B-7 (g)
(g) Each appointed director shall be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as a unit.
Bretton Woods and Related Agreements Act — B-7 (h)
(h) The Board of Governors shall adopt regulations under which a member not entitled to appoint a director under (b) above may send a representative to attend any meeting of the Executive Directors when a request made by, or a matter particularly affecting, that member is under consideration.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) The Executive Directors may appoint such committees as they deem advisable. Membership of such committees need not be limited to governors or directors or their alternates.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Executive Directors shall select a President who shall not be a governor or an executive director or an alternate for either. The President shall be Chairman of the Executive Directors, but shall have no vote except a deciding vote in case of an equal division. He may participate in meetings of the Board of Governors, but shall not vote at such meetings. The President shall cease to hold office when the Executive Directors so decide.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The President shall be chief of the operating staff of the Bank and shall conduct, under the direction of the Executive Directors, the ordinary business of the Bank. Subject to the general control of the Executive Directors, he shall be responsible for the organization, appointment and dismissal of the officers and staff.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The President, officers and staff of the Bank, in the discharge of their offices, owe their duty entirely to the Bank and to no other authority. Each member of the Bank shall respect the international character of this duty and shall refrain from all attempts to influence any of them in the discharge of their duties.
Bretton Woods and Related Agreements Act — B-7 (d)
(d) In appointing the officers and staff the President shall, subject to the paramount importance of securing the highest standards of efficiency and of technical competence, pay due regard to the importance of recruiting personnel on as wide a geographical basis as possible.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) There shall be an Advisory Council of not less than seven persons selected by the Board of Governors including representatives of banking, commercial, industrial, labor, and agricultural interests, and with as wide a national representation as possible. In those fields where specialized international organizations exist, the members of the Council representative of those fields shall be selected in agreement with such organizations. The Council shall advise the Bank on matters of general policy. The Council shall meet annually and on such other occasions as the Bank may request.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Councillors shall serve for two years and may be reappointed. They shall be paid their reasonable expenses incurred on behalf of the Bank.
Bretton Woods and Related Agreements Act — B-7 Section 7
Section 7 Loan committees The committees required to report on loans under Article III, Section 4, shall be appointed by the Bank. Each such committee shall include an expert selected by the governor representing the member in whose territories the project is located and one or more members of the technical staff of the Bank.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Bank, within the terms of this Agreement, shall cooperate with any general international organization and with public international organizations having specialized responsibilities in related fields. Any arrangements for such cooperation which would involve a modification of any provision of this Agreement may be effected only after amendment to this Agreement under Article VIII.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) In making decisions on applications for loans or guarantees relating to matters directly within the competence of any international organization of the types specified in the preceding paragraph and participated in primarily by members of the Bank, the Bank shall give consideration to the views and recommendations of such organization.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The principal office of the Bank shall be located in the territory of the member holding the greatest number of shares.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Bank may establish agencies or branch offices in the territories of any member of the Bank.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Bank may establish regional offices and determine the location of, and the areas to be covered by, each regional office.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) Each regional office shall be advised by a regional council representative of the entire area and selected in such manner as the Bank may decide.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) Each member shall designate its central bank as a depository for all the Bank’s holdings of its currency or, if it has no central bank, it shall designate such other institution as may be acceptable to the Bank.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Bank may hold other assets, including gold, in depositories designated by the five members having the largest number of shares and in such other designated depositories as the Bank may select. Initially, at least one-half of the gold holdings of the Bank shall be held in the depository designated by the member in whose territory the Bank has its principal office, and at least forty percent shall be held in the depositories designated by the remaining four members referred to above, each of such depositories to hold, initially, not less than the amount of gold paid on the shares of the member designating it. However, all transfers of gold by the Bank shall be made with due regard to the costs of transport and anticipated requirements of the Bank. In an emergency the Executive Directors may transfer all or any part of the Bank’s gold holdings to any place where they can be adequately protected.
Bretton Woods and Related Agreements Act — B-7 Section 12
Section 12 Form of holdings of currency The Bank shall accept from any member, in place of any part of the member’s currency, paid in to the Bank under Article II, Section 7(i), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Bank shall publish an annual report containing an audited statement of its accounts and shall circulate to members at intervals of three months or less a summary statement of its financial position and a profit and loss statement showing the results of its operations.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) The Bank may publish such other reports as it deems desirable to carry out its purposes.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) Copies of all reports, statements and publications made under this section shall be distributed to members.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) The Board of Governors shall determine annually what part of the Bank’s net income, after making provision for reserves, shall be allocated to surplus and what part, if any, shall be distributed.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) If any part is distributed, up to two percent non-cumulative shall be paid, as a first charge against the distribution for any year, to each member on the basis of the average amount of the loans outstanding during the year made under Article IV, Section 1(a)(i), out of currency corresponding to its subscription. If two percent is paid as a first charge, any balance remaining to be distributed shall be paid to all members in proportion to their shares. Payments to each member shall be made in its own currency, or if that currency is not available in other currency acceptable to the member. If such payments are made in currencies other than the member’s own currency, the transfer of the currency and its use by the receiving member after payment shall be without restriction by the members.
Bretton Woods and Related Agreements Act — B-7 Section 1
Section 1 Right of members to withdraw Any member may withdraw from the Bank at any time by transmitting a notice in writing to the Bank at its principal office. Withdrawal shall become effective on the date such notice is received.
Bretton Woods and Related Agreements Act — B-7 Section 2
Section 2 Suspension of membership If a member fails to fulfill any of its obligations to the Bank, the Bank may suspend its membership by decision of a majority of the Governors, exercising a majority of the total voting power. The member so suspended shall automatically cease to be a member one year from the date of its suspension unless a decision is taken by the same majority to restore the member to good standing. While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all obligations.
Bretton Woods and Related Agreements Act — B-7
While under suspension, a member shall not be entitled to exercise any rights under this Agreement, except the right of withdrawal, but shall remain subject to all obligations.
Bretton Woods and Related Agreements Act — B-7 Section 3
Section 3 Cessation of membership in International Monetary Fund Any member which ceases to be a member of the International Monetary Fund shall automatically cease after three months to be a member of the Bank unless the Bank by three-fourths of the total voting power has agreed to allow it to remain a member.
Bretton Woods and Related Agreements Act — B-7 (a)
(a) When a government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans or guarantees contracted before it ceased to be a member are outstanding; but it shall cease to incur liabilities with respect to loans and guarantees entered into thereafter by the Bank and to share either in the income or the expenses of the Bank.
Bretton Woods and Related Agreements Act — B-7 (b)
(b) At the time a government ceases to be a member, the Bank shall arrange for the repurchase of its shares as a part of the settlement of accounts with such government in accordance with the provisions of (c) and (d) below. For this purpose the repurchase price of the shares shall be the value shown by the books of the Bank on the day the government ceases to be a member.
Bretton Woods and Related Agreements Act — B-7 (c)
(c) The payment for shares repurchased by the Bank under this section shall be governed by the following conditions: (i) Any amount due to the government for its shares shall be withheld so long as the government, its central bank or any of its agencies remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the liability of the government resulting from its subscription for shares under Article II, Section 5(ii). In any event, no amount due to a member for its shares shall be paid until six months after the date upon which the government ceases to be a member. (ii) Payments for shares may be made from time to time, upon their surrender by the government, to the extent by which the amount due as the repurchase price in (b) above exceeds the aggregate of liabilities on loans and guarantees in (c)(i) above until the former member has received the full repurchase price. (iii) Payments shall be made in the currency of the country receiving payment or at the option of the Bank in gold. (iv) If losses are sustained by the Bank on any guarantees, participations in loans, or loans which were outstanding on the date when the government ceased to be a member, and the amount of such losses exceeds the amount of the reserve provided against losses on the date when the government ceased to be a member, such government shall be obligated to repay upon demand the amount by which the repurchase price of its shares would have been reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member government shall remain liable on any call for unpaid subscriptions under Article II, Section 5(ii), to the extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined.
Bretton Woods and Related Agreements Act — B-7 (i)
(i) Any amount due to the government for its shares shall be withheld so long as the government, its central bank or any of its agencies remains liable, as borrower or guarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the liability of the government resulting from its subscription for shares under Article II, Section 5(ii). In any event, no amount due to a member for its shares shall be paid until six months after the date upon which the government ceases to be a member.
Bretton Woods and Related Agreements Act — B-7 (ii)
(ii) Payments for shares may be made from time to time, upon their surrender by the government, to the extent by which the amount due as the repurchase price in (b) above exceeds the aggregate of liabilities on loans and guarantees in (c)(i) above until the former member has received the full repurchase price.
Bretton Woods and Related Agreements Act — B-7 (iii)
(iii) Payments shall be made in the currency of the country receiving payment or at the option of the Bank in gold.