Common use of Board of Directors: Powers Clause in Contracts

Board of Directors: Powers. Without prejudice to the powers of the Board of Governors as provided in article 29 of this Agreement, the Board of Directors shall be responsible for the conduct of the general operations of the Bank and for this purpose shall, in addition to the powers provided for it expressly in this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: 1. Prepare the work of the Board of Governors; 2. In conformity with the general directives of the Board of Governors, take decisions concerning particular direct loans, guarantees, investments in equity capital and borrowing of funds by the Bank; 3. Determine the rates of interest for direct loans and of commissions for guarantees; 4. Submit the accounts for each financial year and an annual report for approval to the Board of Governors at each annual meeting; and 5. Determine the general structure of the services of the Bank.

Board of Directors: Powers. Without prejudice to the powers of the Board of Governors as provided in article 29 of this Agreement, the Board of Directors shall be responsible for the conduct of the general operations of the Bank and for this purpose shall, in addition to the powers provided for it expressly in this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: 1. Prepare the work of the Board of Governors; 2. In conformity with the general directives of the Board of Governors, take decisions concerning particular direct loans, guarantees, investments in equity capital and borrowing of funds by the Bank; 3. Determine the rates of interest for direct loans and of commissions for guarantees; 4. Submit the accounts for each financial year and an annual report for approval to the Board of Governors at each annual meeting; and 5. Determine the general structure of the services of the Bank.. Article 332