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 24 of this Agreement, 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 by this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: (i) prepare the work of the Board of Governors: (ii) in conformity with the general directions of the Board of Governors, establish policies and take decisions concerning loans, guarantees, investment in equity capital, borrowing by the Bank, the furnishing of technical assistance and other operations of the Bank; (iii) submit the audited accounts for each financial year for approval of the Board of Governors at each annual meeting: and (iv) approve the budget of the Bank.

Board of Directors: Powers. Without prejudice to the powers of the Board of Governors as provided in Article 24 of this Agreement, the Board of Directors shall be responsible respon- sible for the direction of the general operations of the Bank and, for this purpose, shall, in addition to the powers assigned to it expressly by this Agreement, exercise all the powers delegated to it by the Board of Governors, and in particular: (i) prepare the work of the Board of Governors:; (ii) in conformity with the general directions of the Board of Governors, establish policies and take decisions concerning loans, guarantees, investment in equity capital, borrowing by the Bank, the furnishing of technical assistance and other operations of the Bank; (iii) submit the audited accounts for each financial year for approval of the Board of Governors at each annual meeting: ; and (iv) approve the budget of the Bank.. Appendix H • 497