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Agreement Establishing Ebrd



2. Special funds accepted by the Bank may be used in any manner and under all conditions which correspond to the object and tasks of the Bank, the other applicable provisions of this Agreement and the agreement or arrangements relating to such funds. The Board of Governors has overall authority over the EBRD and is also responsible for the strategic management of the organization. Its functions include the admission of new members or the suspension of membership; the increase or reduction of the authorized share capital of the bank; Authorizing the conclusion of general cooperation agreements with other international organizations; election of the Directors and the President of the Bank and determination of their remuneration; approval of the bank`s general balance sheet and profit and loss account; Determination of reserves and the allocation and distribution of the Bank`s net profits. It is also important to note that each member is represented on the Governing Council. Shareholders may appoint a governor and an alternate, both of whom operate as they see fit. Hungary shall be represented on the Management Board by its Minister of Finance and an alternate appointed by the Minister. The Governing Council shall hold its meetings at least once a year. For each meeting of the Governing Council, two-thirds of the Governors shall reach a quorum, provided that such majority represents at least two thirds of the total voting rights of the members. Any Governor who does not participate in the elections or whose vote does not contribute to the election of a Director in accordance with Section A or Section B(i), or Section B(ii) or Section B(iii) of this Annex may allocate the votes due to him to an elected Director; provided that this governor has first obtained the agreement of all the governors who have elected this director for this mission. using special funds in accordance with the agreements that determine their use; conclude cooperation agreements with public or private institutions or institutions. In the event of a disagreement between the Bank and a member that is no longer a member, or between the Bank and a member after the adoption of a decision terminating the Bank`s activities, such disagreement shall be submitted to an arbitral tribunal by an arbitral tribunal of three (3) arbitrators, including one appointed by the Bank; another by the former member concerned and the third, unless otherwise agreed by the parties, by the President of the International Court of Justice or by any other authority required by regulations adopted by the Governing Council.

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