CELEX: 11957E/PRO/BEI/21
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 21

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11957E/PRO/BEI/21

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 21  

++++Article 21  1 . Applications for loans or guarantees may be made to the Bank either through the Commission or through the Member State in whose territory the project will be carried out . An undertaking may also apply direct to the Bank for a loan or guarantee .  2 . Applications made through the Commission shall be submitted for an opinion to the Member State in whose territory the project will be carried out . Applications made through a Member State shall be submitted to the Commission for an opinion . Applications made direct by an undertaking shall be submitted to the Member State concerned and to the Commission .  The Member State concerned and the Commission shall deliver their opinions within two months . If no reply is received within this period , the Bank may assume that there is no objection to the project in question .  3 . The Board of Directors shall rule on applications for loans or guarantees submitted to it by the Management Committee .  4 . The Management Committee shall examine whether applications for loans or guarantees submitted to it comply with the provisions of this Statute , in particular with Article 20 . Where the Management Committee is in favour of granting the loan or guarantee , it shall submit the draft contract to the Board of Directors ; the Committee may make its favourable opinion subject to such conditions as it considers essential . Where the Management Committee is against granting the loan or guarantee , it shall submit the relevant documents together with its opinion to the Board of Directors .  5 . Where the Management Committee delivers an unfavourable opinion , the Board of Directors may not grant the loan or guarantee concerned unless its decision is unanimous .  6 . Where the Commission delivers an unfavourable opinion , the Board of Directors may not grant the loan or guarantee concerned unless its decision is unanimous , the director nominated by the Commission abstaining .  7 . Where both the Management Committee and the Commission deliver an unfavourable opinion , the Board of Directors may not grant the loan or guarantee .