Cap. 347 Art. 8in ECU shall which is the relevant the Bank shall paid-in and conferred commitment to proceeds from in sub- from the income derived from Bank; and (v) part of its 1. The implement the 1 and 2 of this 2. The Europe which economies and apply, by Agreement. 3. In inconsistent Board of should be accordi

For the purposes of this Article, payment or denomination include payment or denomination in any fully convertible currency equivalent on the date of payment or encashment to the value of obligation in ECU.

Article 7

ORDINARY CAPITAL RESOURCES

As used in this Agreement, the term "ordinary capital resources" of include the following:

(i) authorized capital stock of the Bank, including both callable shares, subscribed to pursuant to Article 5 of this Agreement;

(ii) funds raised by borrowings of the Bank by virtue of powers by sub-paragraph (i) of Article 20 of this Agreement, to which the calls provided for in paragraph 4 of Article 6 of this Agreement is applicable;

(iii) funds received in repayment of loans or guarantees and the disposal of equity investment made with the resources indicated paragraphs (i) and (ii) of this Article;

(iv) income derived from loans and equity investment, made resources indicated in sub-paragraphs (i) and (ii) of this Article, and guarantees and underwriting not forming part of the special operations of the any other funds or income received by the Bank which do not form Special Funds resources referred to in Article 19 of this Agreement.

CHAPTER III

OPERATIONS

Article 8

RECIPIENT COUNTRIES AND USE OF RESOURCES

resources and facilities of the Bank shall be used exclusively to purpose and carry out the functions set forth, respectively, in Articles Agreement.

Bank may conduct its operations in countries from Central and Eastern are proceeding steadily in the transition towards market oriented the promotion of private and entrepreneurial initiative, and which concrete steps and otherwise, the principles as set forth in Article 1 of this cases where a member might be implementing policies which are with Article 1 of this Agreement, or in exceptional circumstances, the Directors shall consider whether access by a member to Bank resources suspended or otherwise modified and may make recommendations the Board of Governors. Any decision on these matters shall be taken of Governors by a majority of not less than two-thirds of the representing not less than three-fourths of the total voting power of the

Any potential recipient country may request that the Bank provide resources for limited purposes over a period of three (3) years beginning into force of this Agreement. Any such request shall be attached as an of this Agreement as soon as it is made. During such a period:

(a) the Bank shall provide to such a country, and to enterprises in upon their request, technical assistance and other types of assistance finance its private sector, to facilitate the transition of state-owned private ownership and control, and to help enterprises operating and moving to participation in the market oriented economy, subject proportion set forth in paragraph 3 of Article 11 of this Agreement;

(b) the total amount of any assistance thus provided shall not total amount of cash disbursed and promissory notes issued by that shares.

At the end of this period, the decision to allow such a country access limits specified in sub-paragraphs (a) and (b) shall be taken by the Board by a majority of not less than three-fourths of the Governors not less than eighty-five (85) per cent of the total voting power of the

Article 9

ORDINARY AND SPECIAL OPERATIONS

The operations of the Bank shall consist of ordinary operations financed ordinary capital resources of the Bank referred to in Article 7 of this special operations financed from the Special Funds resources referred 19 of this Agreement. The two types of operations may be combined.

Article 10

SEPARATION OF OPERATIONS