SECTION 1. Meetings of the Board of Governors
(a) The provisions of Sections 3, 4, 5 and 8 of the By-Laws of the International Bank for Reconstruction and Development (hereinafter called the Bank) as amended from time to time (hereinafter called the By-Laws of the Bank) shall apply mutatis mutandis.
(b) Any meeting of the Board of Governors at which a quorum shall not be present may be adjourned from time to time by a majority of the Governors present and notice of the adjourned meeting need not be given.
(c) The Secretary of the Association shall serve as Secretary of the Board of Governors.
SECTION 2. Annual Report
The provisions of Section 9 of the By-Laws of the Bank shall apply mulatis mutandis.
SECTION 3. Voting by Governors
The provisions of Sections 10, 11, and 12 of the By-Laws of the Bank shall apply mutatis mutandis.
SECTION 4. Terms of Service
(a) Governors and Alternates shall be reimbursed for their expenses in attending meetings on behalf of the Association on the same basis as they are reimbursed for expenses in attending meetings on behalf of the Bank; provided, however, that with respect to any meeting held on behalf of the Association at or about the same time as a meeting held on behalf of the Bank or the International Finance Corporation, they shall be reimbursed only for additional expenses incurred in attending the meeting on behalf of the Association.
(b) In the event that the Association shall make any direct payment on account of salaries or allowances to Governors or Executive Directors or their Alternates, the President, officers or staff, the Association shall pay such persons, except those whose employment contract states otherwise, an allowance for taxes they are required to pay on such salaries and allowances on the same basis that tax allowances are paid by the Bank on corresponding salaries and allowances.
(c) The Executive Directors, Alternate Executive Directors, the President and the officers and staff of the Bank whom the President shall appoint to serve concurrently as officers and staff of the Association shall serve without compensation from the Association. Nothing herein shall preclude the Association from entering into appropriate arrangements with the Bank for sharing remuneration, allowances and other expenses paid by either institution.
(d) Each Executive Director and Alternate Executive Director who shall at the request of the President perform designated service for the Association shall be entitled to a reasonable allowance for expenses incurred by him in the performance thereof.
SECTION 5. Delegation of Authority
The Executive Directors may exercise all the powers of the Association except those reserved to the Board of Governors by Article VI, Section 2(c) and other provisions of the Articles of Agreement. The Executive Directors shall not take any action pursuant to powers delegated by the Board of Governors which is inconsistent with any action taken by the Board of Governors.
SECTION 6. Rules and Regulations
The provisions of Section 15 of the By-Laws of the Bank shall apply mutatis mutandis.
SECTION 7. Representation of Members Not Represented by an Appointed Executive Director
The provisions of Section 17 of the By-Laws of the Bank shall apply mutatis mutandis.
SECTION 8. Budget and Audits
The provisions of Section 18 of the By-Laws of the Bank shall apply mutatis mutandis.
SECTION 9. Application for Membership
Subject to any special provisions that may be made for countries listed in Schedule A of the Articles of Agreement, any member of the Bank may apply for membership in the Association by filing with the Association an application setting forth all relevant facts.
When submitting an application to the Board of Governors, the Executive Directors, after consultation with the applicant country, shall make recommendations to the Board of Governors as to the initial subscription and such other conditions as, in the opinion of the Executive Directors, should be prescribed by the Board of Governors.
SECTION 10. Suspension of Membership
Except in connection with a suspension of membership under Section 3 of Article VII of the Articles of Agreement, the provisions of Section 20 of the By-Laws of the Bank shall apply mutatis mutandis to the Association.
SECTION 11. Amendment to By-Laws
These By-Laws may be amended by the Board of Governors at any meeting thereof or by vote without a meeting as provided in Section 3.
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