Document ID: chunk:federal_register_of_legislation:C2004C00518:section:6:p8
Version: federal_register_of_legislation:C2004C00518
Segment Type: section
Provision Reference: s 6 (pt 8/20)
Character Range: 20218–23169

been provided.

Section 4. Cooperation with Other International Organizations and Members                                                                       Providing Development Assistance

The Association shall cooperate with those public international organizations and members which provide financial and technical assistance to the less‑developed areas of the world.

Section 5. Miscellaneous Operations

In addition to the operations specified elsewhere in this Agreement, theAssociation may:

      (i) borrow funds with the approval of the member in whose currency the loan is denominated;

      (ii) guarantee securities in which it has invested in order to facilitate their sale;

      (iii) buy and sell securities it has issued or guaranteed or in which it has invested;

      (iv) in special cases, guarantee loans from other sources for purposes not inconsistent with the provisions of these Articles;

      (v) provide technical assistance and advisory services at the request of a member; and

      (vi) exercise such other powers incidental to its operations as shall be necessary or desirable in furtherance of its purposes.

Section 6. Political Activity Prohibited

The Association 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 this Agreement.

ARTICLE VI

Organization and Management

Section 1. Structure of the Association

The Association shall have a Board of Governors, Executive Directors, a President and such other officers and staff to perform such duties as the Association may determine.

Section 2. Board of Governors

(a) All the powers of the Association shall be vested in the Board of Governors.

(b) Each Governor and Alternate Governor of the Bank appointed by a member of the Bank which is also a member of the Association shall ex officio be a Governor and Alternate Governor, respectively, of the Association. No Alternate Governor may vote except in the absence of his principal. The Chairman of the Board of Governors of the Bank shall ex officio be Chairman of the Board of Governors of the Association except that if the Chairman of the Board of Governors of the Bank shall represent a state which is not a member of the Association, then the Board of Governors shall select one of the Governors as Chairman of the Board of Governors. Any Governor or Alternate Governor shall cease to hold office if the member by which he was appointed shall cease to be a member of the Association.

(c) The Board of Governors may delegate to the Executive Directors authority to exercise any of its powers, except the power to:

      (i) admit new members and determine the conditions of their admission;