CELEX: 11957E/PRO/BEI/24
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 24

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11957E/PRO/BEI/24

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 24  

++++Article 24  1 . A reserve fund of up to 10 % of the subscribed capital shall be built up progressively . If the state of the liabilities of the Bank should so justify , the Board of Directors may decide to set aside additional reserves . Until such time as the reserve fund has been fully built up , it shall be fed by :   ( a ) interest received on loans granted by the Bank out of sums to be paid up by the Member States pursuant to Article 5 ;   ( b ) interest received on loans granted by the Bank out of funds derived from repayment of the loans referred to in ( a ) ;  to the extent that this income is not required to meet the obligations of the Bank or to cover its expenses .  2 . The resources of the reserve fund shall be so invested as to be available at any time to meet the purpose of the fund .