Common use of Board of Directors: Procedure Clause in Contracts

Board of Directors: Procedure. 1. The Board of Directors shall normally function as the principal office of the Bank and shall meet as often as the business of the Bank may require. 2. A majority of the Directors shall constitute a quorum for any meeting of the Board of Directors, provided such majority represents not less than two-thirds of the total voting power of the members. 3. The Board of Governors shall adopt regulations under which, if there is no Director of its nationality, a member may send a representative to attend, without right to vote, any meeting of the Board of Directors when a matter particularly affecting that member is under consideration.

Board of Directors: Procedure. 1. The Board of Directors shall normally function as the principal office of the Bank and shall meet as often as the business of the Bank may require. 2. A majority of the Directors shall constitute a quorum for any meeting of the Board of Directors, provided such majority represents not less than two-thirds of the total voting power of the members. 3. The Board of Governors shall adopt regulations under which, if there is no Director of its nationality, a member may send a representative to attend, attend without right to vote, any meeting of the Board of Directors when a matter particularly affecting that member is under consideration.