Common use of Inaugural Meeting and Commencement of Operations Clause in Contracts

Inaugural Meeting and Commencement of Operations. 1. As soon as this Agreement enters into force under Article 62 of this Agreement, each member shall appoint a Governor. The Depository shall call the first meeting of the Board of Governors within sixty (60) days of entry into force of this Agreement under Article 62 or as soon as possible thereafter. 2. At its first meeting, the Board of Governors: (i) shall elect the President; (ii) shall elect the Directors of the Bank in accordance with Article 26 of this Agreement; (iii) shall make arrangements for determining the date of the com- mencement of the Bank’s operations; and (iv) shall make such other arrangements as appear to it necessary to prepare for the commencement of the Bank’s operations. 3. The Bank shall notify its members of the date of commencement of its operations.

Inaugural Meeting and Commencement of Operations. 1. As soon as at this Agreement enters into force under Article 62 of this Agreement, each member shall appoint a Governorgovernor. The Depository depository shall call the first meeting of the Board of Governors within sixty (60) days of entry into force of this Agreement under Article 62 or as soon as possible thereafter. 2. At its first meeting, the Board of Governors: (i) shall elect the President; (ii) shall elect the Directors directors of the Bank in accordance with Article 26 of this Agreement; (iii) shall make arrangements for determining the date of the com- mencement commencement of the Bank’s 's operations; and (iv) shall make such other arrangements as appear to it necessary to prepare for the commencement of the Bank’s 's operations. 3. The Bank shall notify its members of the date of commencement of its operations.