Common use of Executive Directors Clause in Contracts

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the Association, and for this purpose shall exercise all the powers given to them by this Agreement or delegated to them by the Board of Governors. (b) The Executive Directors of the Association shall be composed ex officio of each Executive Director of the Bank who shall have been (i) appointed by a member of the Bank which is also a member of the Association, or (ii) elected in an election in which the votes of at least one member of the Bank which is also a member of the Association shall have counted toward his election. The Alternate to each such Executive Director of the Bank shall ex officio be an Alternate Director of the Association. Any Director shall cease to hold office if the member by which he was appointed, or if all the members whose votes counted toward his election, shall cease to be members of the Association. (c) Each Director who is an appointed Executive Director of the Bank shall be entitled to cast the number of votes which the member by which he was appointed is entitled to cast in the Association. Each Director who is an elected Executive Director of the Bank shall be entitled to cast the number of votes which the member or members of the Association whose votes counted toward his election in the Bank are entitled to cast in the Association. All the votes which a Director is entitled to cast shall be cast as a unit. (d) An Alternate Director shall have full power to act in the absence of the Director who shall have appointed him. When a Director is present, his Alternate may participate in meetings but shall not vote. (e) A quorum for any meeting of the Executive Directors shall be a majority of the Directors exercising not less than one-half of the total voting power. (f) The Executive Directors shall meet as often as the business of the Association may require. (g) The Board of Governors shall adopt regulations under which a member of the Association not entitled to appoint an Executive Director of the Bank may send a representative to attend any meeting of the Executive Directors of the Association when a request made by, or a matter particularly affecting, that member is under consideration.

Executive Directors. (a) The Executive Directors shall be responsible for the conduct of the general operations of the AssociationBank, and for this purpose purpose, shall exercise all the powers given to them by this Agreement or delegated to them by the Board of Governors. (b) The Executive Directors of the Association There shall be composed ex officio twelve Executive Directors, who need not be governors, and of each Executive Director of the Bank who shall have been whom: (i) appointed five shall be appointed, one by a member each of the Bank which is also a member five members having the largest number of the Association, or shares; (ii) seven shall be elected according to Schedule B by all the Governors other than those appointed by the five members referred to in an election (i) above. For the purpose of this paragraph, "members" means governments of countries whose names are set forth in which Schedule A, whether they are original members or become members in accordance with Article II, Section I (b). When governments of other countries become members, the votes Board of at least one member Governors may, by a four-fifths majority of the Bank which is also a member total voting power, increase the total number of directors by increasing the Association shall have counted toward his election. The Alternate to each such Executive Director number of the Bank shall ex officio be an Alternate Director of the Association. Any Director shall cease to hold office if the member by which he was appointed, or if all the members whose votes counted toward his election, shall cease directors to be members of the Associationelected. Executive directors shall be appointed or elected every two years. (c) Each Director who is executive director shall appoint an appointed Executive Director of the Bank shall be entitled to cast the number of votes which the member by which he was appointed is entitled to cast in the Association. Each Director who is an elected Executive Director of the Bank shall be entitled to cast the number of votes which the member or members of the Association whose votes counted toward his election in the Bank are entitled to cast in the Association. All the votes which a Director is entitled to cast shall be cast as a unit. (d) An Alternate Director shall have alternate with full power to act in the absence of the Director who shall have appointed himfor him when he is not present. When a Director is the executive directors appointing them are present, his Alternate alternates may participate in meetings but shall not vote. (d) Directors shall continue in office until their successors are appointed or elected. If the office of an elected director becomes vacant more than ninety days before the end of his term, another director shall be elected for the remainder of the term by the governors who elected the former director. A majority of the votes cast shall be required for election. While the office remains vacant, the alternate of the former director shall exercise his powers, except that of appointing an alternate. (e) The Executive Directors shall function in continuous session at the principal office of the Bank and shall meet as often as the business of the Bank may require. (f) A quorum for any meeting of the Executive Directors shall be a majority of the Directors Directors, exercising not less than one-half of the total voting power. (fg) The Executive Directors Each appointed director shall meet be entitled to cast the number of votes allotted under Section 3 of this Article to the member appointing him. Each elected director shall be entitled to cast the number of votes which counted toward his election. All the votes which a director is entitled to cast shall be cast as often as the business of the Association may requirea unit. (gh) The Board of Governors shall adopt regulations under which a member of the Association not entitled to appoint an Executive Director of the Bank a director under (b) above may send a representative to attend any meeting of the the, Executive Directors of the Association when a request made by, or a matter particularly affecting, that member is under consideration. (i) The Executive Directors may appoint such committees as they deem advisable. Membership of such committees need not be limited to governors or directors or their alternates.

Executive Directors. (a( a ) The Executive Directors shall be responsible for the conduct of the general operations of the Association, and for this purpose shall exercise all the powers given to them by this Agreement or delegated to them by the Board of Governors. (b( b ) The Executive Directors of the Association shall be composed ex officio of each Executive Director of the Bank who shall have been (i) appointed by a member of the Bank which is also a member of the Association, or (ii) elected in an election in which the votes of at least one member of the Bank which is also a member of the Association shall have counted toward his election. The Alternate to each such Executive Director of the Bank shall ex officio be an Alternate Director of the Association. Any Director shall cease to hold office if the member by which he was appointed, or if all the members whose votes counted toward his election, shall cease to be members of the Association. (c( c ) Each Director who is an appointed Executive Director of the Bank shall be entitled to cast the number of votes which the member by which he was appointed is entitled to cast in the Association. Each Director who is an elected Executive Director of the Bank shall be entitled to cast the number of votes which the member or members of the Association whose votes counted toward his election in the Bank 12 CAP. 235. h MEMBERSHIP OF INTERNATIONAL FINANCIAL ORGANISATIONS are entitled to cast in the Association. All the votes which a Director is entitled to cast shall be cast as a unit. (d( d ) An Alternate Director shall have full power to act in the absence of the Director who shall have appointed him. When a Director is present, his Alternate may participate in meetings but shall not vote. (e( e ) A quorum for any meeting of the Executive Directors shall be a majority of the Directors exercising not less than one-half of the total voting power. (f( f ) The Executive Directors shall meet as often as the business of the Association may require. (g( g ) The Board of Governors shall adopt regulations under which a member of the Association not entitled to appoint an Executive Director of the Bank may send a representative to attend any meeting of the Executive Directors of the Association when a request made by, or a matter particularly affecting, that member is under consideration.