CELEX: 11957E/PRO/BEI/13
Language: en
Date: 1957-03-25 00:00:00
Title: TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 13

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11957E/PRO/BEI/13

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 13  

++++Article 13  1 . (***) The Management Committee shall consist of a President and four Vice-President appointed for six years by the Board of Governors on a proposal from the Board of Directors . Their appointments shall be renewable .  The Board of Governors , acting unanimously , may vary the number of members on the Management Committee .  2 . On a proposal from the Board of Directors adopted by a qualified majority , the Board of Governors may , acting in its turn by a qualified majority , compulsorily retire a member of the Management Committee .  3 . The Management Committee shall be responsible for the current business of the Bank , under the authority of the President and the supervision of the Board of Directors .  It shall prepare the decisions of the Board of Directors , in particular decisions on the raising of loans and the granting of loans and guarantees ; it shall ensure that these decisions are implemented .  4 . The Management Committee shall act by a majority when delivering opinions on proposals for raising loans or granting loans and guarantees .  5 . The Board of Governors shall determine the remuneration of members of the Management Committee and shall lay down what activities are incompatible with their duties .  6 . The President or , if he is prevented , a Vice-President shall represent the Bank in judicial and other matters .  7 . The officials and other employees of the Bank shall be under the authority of the President . They shall be engaged and discharged by him . In the selection of staff , account shall be taken not only of personal ability and qualifications but also of an equitable representation of nationals of Member States .  8 . The Management Committee and the staff of the Bank shall be responsible only to the Bank and shall be completely independent in the performance of their duties .  (***) Paragraph ( 1 ) as amended by Article 9 of Protocol No 1 annexed to the Treaty of Accession .