Board of Directors: Powers. The Board of Directors shall be responsible for the direction of the general operations of the Bank and, for this purpose, shall, in addition to the powers assigned to it expressly in this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: (a) prepare the work of the Board of Governors; 7/ On April 21, 1972, the Board of Governors adopted the Rules of Procedure for the Selection of Directors which are set out in the Addendum to Annex B to this Agreement. (b) in conformity with the general directions of the Board of Governors, take decisions concerning loans, guarantees, investments inequity capital, borrowing by the Bank, furnishing of technical assistance, and other operations of the Bank; (c) submit the accounts for each financial year to the Board of Governors at each annual meeting; (d) approve the annual budget.
Appears in 3 contracts
Sources: Agreement Establishing the Caribbean Development Bank, Agreement Establishing the Caribbean Development Bank, Agreement Establishing the Caribbean Development Bank