Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/9982763/20160703
AGREEMENTS agreements Law 26.701 adopted the Convention articles of the Bank of the South, signed in Porlamar, Bolivarian Republic of Venezuela. Sanctioned: September 7, 2011. Adopted: 9 September 2011.
The Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law: article 1 ° - approval of the articles of agreement of the Bank of the South, signed in Porlamar - Republic BOLIVARIANA of VENEZUELA - September 26, 2009, consisting of thirty and four (34) items, an annex and an appendix, which authenticated photocopy part of this law.
Article 2 ° - contact the national executive power. GIVEN IN THE ASSEMBLY HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, THE 7 OF SEPTEMBER OF THE YEAR ONE TWO THOUSAND AND ELEVEN DAY. -REGISTERED UNDER NO. 26.701 - EDUARDO A. FELLNER. -JULIO C. C. COBOS. -Enrique Hidalgo. -John H. Estrada.
ARTICLES OF AGREEMENT OF THE BANK OF THE SOUTH CHAPTER I NAME AND DOMICILE ARTICLE 1. NAME, headquarters and sub-venues 1.1 under the name of "Bank of the South" is a financial institution of public international law, with own legal entity, which will be governed by the provisions of the present articles of agreement. 1.2. the Bank will be headquartered in the city of Caracas, Bolivarian Republic of Venezuela, a regional headquarters in the city of Buenos Aires, Argentina Republic, and another regional headquarters in the city of La Paz, plurinational State of Bolivia. You can set the dependencies that were necessary for the performance of its functions. 1.3. the distribution of functions between Headquarters and the Sub-host will be defined by the Council of Ministers on the basis of principles of agility, efficiency and decentralization. CHAPTER II OBJECT AND FUNCTIONS ARTICLE 2. OBJECT https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 2.1 the Bank aims to finance the 'Member countries' economic, social and environmental development, in a balanced and stable by making use of the saving intra and extra regional; strengthen the integration; reduce asymmetries and promote the equitable distribution of investments between the Member countries. 2.2. the Bank will provide credit assistance only in member countries for the implementation of projects within the territorial scope of UNASUR. ARTICLE 3. 3.1 functions for the fulfilment of its object, the Bank has full legal capacity to acquire rights and incur obligations, can exercise the functions and perform acts that make to your object or are related to the same. In this sense the Bank should be self-sustaining and govern themselves in accordance with professional criteria and financial efficiency, according to the international standards of corporate governance. May-individually, or in joint with others agencies or entities national e international-between others acts and functions: 3.1.1 Finance in any country member to organs State, entities autonomous, companies mixed, companies private, cooperatives, companies associative and community, that carry to out projects of them types indicated below. Advances the same generated in relation to the achievement of the sovereignty of food, energy, health, natural resources and the knowledge shall be taken into account for the purposes of the evaluation of each project. In all cases the relevant Member country should express his non-objection with respect to the eligibility of the projects, while this represent his endorsement or warranty. In this sense, the Bank may finance: 184.108.40.206 development projects in key sectors of the economy, aimed at improving competitiveness, scientific and technological development, infrastructure, the generation and provision of services, intra-regional productive complementarity, and maximizing the value added to the raw materials produced and exploited in the countries of the region; 220.127.116.11 development projects in social sectors such as: health, education, social security, community development, social economy, promotion of participatory democracy and protagonist, culture, sports, projects aimed at combating poverty and social exclusion and, in general, all those aimed at the improvement of the quality of life and to the protection of the environment; 18.104.22.168 projects of adaptation, expansion and interconnection of it infrastructure regional; creation and expansion of regional production chains; 22.214.171.124. projects aimed at reducing asymmetries among member countries, taking into account the needs of countries of lower relative economic development. 3.1.2 promoting and facilitating, upon request of member countries, multidisciplinary technical assistance for the preparation and implementation of plans, programmes and development projects, including the identification of investment programs, the study of priorities and the formulation of proposals on specific national and regional projects or of complementarity and cooperation. 3.1.3 granting sureties, guarantees and warranties to the financing of projects that promote the productive, economic, financial and social development of the Member countries. 3.1.4 issue bonds and any other type of title value to finance its lending activities. In addition, operations of securitization of assets and, in general, raise resources in any financial form. 3.1.5 act as underwriter of securities issued by the Member countries. 3.1.6 providing portfolio management services, organize, constitute and administer trusts, exercise mandates, act as broker and custodian of securities values, providing treasury functions to bodies governmental, intergovernmental and international, public and private companies and in general to any trust. 3.1.7 create and administer a special fund of social solidarity, whose purpose non-refundable refundable financing or not of social projects.
3.1.8 https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 create and manage a special emergency fund, whose purpose will be to natural disasters through the financing of refundable or non-refundable assistance to mitigate the effect of these disasters. The establishment of this Fund, for both the from that mentioned in the preceding paragraph, the Bank cannot use its capital integrated nor the statutory reserve fund of article 17 (1) of the articles of agreement. Also, you must implement a specific accounting for such operations. 3.1.9 favouring the process of South America, through the development of a regional monetary system, the increase of intra trade and extra regional integration, domestic savings in the region as well as the creation of funding for regional development. CHAPTER III CAPITAL BANK ARTICLE 4. CAPITAL 4.1 the amount of the authorized Capital amounts to the amount of 20 billion U.S. dollars (US $ 20.000.000.000,00) represented by twenty thousand (20,000) ordinary shares, with a nominal value of one million U.S. dollars (US $ 1.000.000,00) each. The subscribed Capital of the Bank is seven billion U.S. dollars (US $ 7.000.000.000,00), represented by seven thousand (7,000) ordinary shares. The subscribed Capital will be increased in the proportion decided by the Council of Ministers. 4.2. the capital of the Bank is divided into: 4.2.1. Class A: actions may be proprietors of shares class A members of UNASUR nation-States. 4.2.2 shares class b shares may be proprietors of shares class B national Governments that do not integrate UNASUR. 4.2.3 shares class c shares may be proprietors of shares class C central banks, financial institutions, public, mixed or semipublic, understanding as such those where the State has one stake greater than fifty percent (50%) of the capital, and multilateral development banks. 4.3. the shares will be scriptural, not be represented in titles, will be in accounts on behalf of their respective owners by the Bank, and in books that must comply with the formalities established by the Executive Board. The shares are indivisible and non-transferable to third parties. Not may be object of co-ownership or constitute is about them leases, rights of pledge or of warranty. 4.4. the founding countries will sign shares class A by seven billion U.S. dollars (US $ 7,000,000,000), as indicated in the annex which forms part of the present articles of agreement. The other national States members of UNASUR incorporated in the Bank, can sign shares class A for a total of up to three billion US dollars (USD 3,000,000,000). This subscription will take place according to the stripes laid down in the annex which forms part of the present articles of agreement. The Member countries may increase their participation in the authorized Capital of the Bank, but increment is not computed for the purposes of the exercise of the voting rights of the respective shareholders, keeping shareholding in the annex to the present articles of agreement in this regard. 4.5. integration of the class A shares. 4.5.1. each of the subscribed shares class A may be integrated fully in US dollars, or in the following way: 126.96.36.199 a minimum of ninety percent (90%) of the nominal value of each share will be integrated into U.S. dollars; and https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09
188.8.131.52. up to a maximum of ten percent (10%) of the nominal value of each share in the local currency of the Member country that subscribes to the action in question. 4.5.2. the shares subscribed will be integrated a part in effective Capital and another in Capital guarantee. 4.5.3. in any case the effective Capital of integration in dollars may be less than twenty percent (20%) of total integration into dollars. The remaining amount will be integrated as a Capital guarantee. 4.5.4. in any case the effective Capital of integration in Local currency shall be less than twenty percent (20%) of the total to integrate in that currency. The exchange rate applicable for the purposes of integration in Local currency shall be determined according to the mode set in article 4 paragraph 10. The remaining amount will be integrated as a Capital guarantee. He amount of the Capital of warranty in currency local is adjusted periodically with arrangement to the standards established in the article 4 subsection 10 of this Convention establishing. The periodicity of the adjustment will be determined by the Executive Board, and must perform the adjustment at least one (1) time a year. 4.5.5 schedule. The countries founders will integrate the actions in the following way: 184.108.40.206 Argentina, Brazil and Venezuela will be integrated not less than twenty percent (20%) of the subscribed Capital on the basis of the provisions in the annex to the present articles of agreement, before the expiry of the period of one (1) year from the effective date of the articles of agreement or, if it has already occurred , one (1) year counted from the deposit of the instrument of ratification of the articles of agreement with the depositary, according to the provisions of article 31 paragraph 2 of the articles of agreement. Eighty percent (80%) remaining will be integrated into four (4) annual, equal and consecutive installments. However, each country may accelerate the integration of the subscribed Capital according to their possibilities. 220.127.116.11 Bolivia, Ecuador, Paraguay and Uruguay will be integrated not less than ten percent (10%) of the subscribed Capital on the basis of the provisions in the annex to the present articles of agreement, before the expiry of the period of one (1) year from the effective date of the articles of agreement or, if it already has occurred, one (1) year from the deposit of the instrument of ratification of the articles of agreement. Ninety percent (90%) remaining will be integrated into nine (9) annual, equal and consecutive installments. However, each country may accelerate the integration of the subscribed Capital according to their possibilities. 4.6. on the occasion of the incorporation of a new partner class A, B or C, the integration of ordinary shares shall be deadlines, quotas and other modalities which duly provided the Council of Ministers. The integration conditions, may not be more beneficial than stipulated in article 4 paragraph 5. 4.7 limitation of liability. The shareholders of the Bank limited its liability to the ordinary shares subscribed by them. 4.8. the insurance Capital will be subject to the obligation of integration in cash when the Bank's own resources are insufficient to meet critical financial needs. Enforceability of the integration will be pro-rated according to the shareholding that corresponds to each shareholder and shall proceed, at the request of the Executive Board, upon approval of the Council of Ministers. 4.9. suspend the voting rights of Directors and members of Councils acting on behalf of the holders of ordinary shares of the Bank which were in arrears in the duties of the ordinary shares subscribed integration. 4.10 determination and adjustment of the value of local currency obligations. Whenever it is necessary, in accordance with the articles of agreement, in terms of US dollars, the value of an obligation of a member country denominated in local currency by concept of integration of effective Capital, to determine or guarantee Capital, such a determination will be made by the Bank taking the market exchange rate, between the U.S. dollar and the local currency of the country Member where https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 actually can the Bank acquire U.S. dollars against that currency. CHAPTER IV ORGANIZATION, ADMINISTRATION, CONTROL AND RESPONSIBILITIES ARTICLE 5. Government, administration and CONTROL 5.1 the governing bodies of the Bank are the Council of Ministers and the governing body and the executive body is the Executive Board. The Bank will also have a Board of audit. ARTICLE 6. THE Council of Ministers 6.1 the Council of Ministers is constituted by the Ministers of economy, Hacienda, finance, or officials equivalent of those countries members. Its functions will be ad-honorem. In the absence of the Minister of economy, finance, finance or equivalent official, it may designate an officer of his country which will serve as the representation of the Member country. 6.2. the Council of Ministers meets ordinarily once a year, within four (4) months calendar and at the request of three (3) or more Ministers or of the Board of Executive Directors. 6.3. the Council of Ministers shall take its decisions by a vote of at least the three quarters (3/4) parts of its members. Each member country is entitled to one vote. 6.4 corresponds to the Council of Ministers: 6.4.1 establish general policies of medium and long term of the Bank subject to the provisions of the present articles of agreement. 6.4.2 admitting new shareholders and determine the conditions of their admission subject to the provisions of the present articles of agreement. 6.4.3 suspend and/or liquidate the operation of the Bank, according to the provisions of the present articles of agreement. 6.4.4 increase or decrease the subscribed Capital of the Bank, when the entry or withdrawal of shareholders, or at the request of a member country, in the terms provided for in the present articles of agreement. 6.4.5. on the proposal of the shareholders, appoint members and alternates in the Executive Board, and the Board of Directors, and the Board of audit and accept his resignation. Also solve his replacement, the remaining period of the mandate at the request of the shareholder who had proposed it. 6.4.6 exercise the powers provided in article 19 of the articles of agreement. 6.4.7 resolve on the remuneration of the Executive Board proposed by the Board of Directors and fix the allowances of the members of the Board of Directors and of the Board of audit. 6.4.8. approve the annual management of the Executive Board held in the immediately preceding fiscal year, according to the report prepared by the Board of Directors. 6.4.9 adopt the financial statements and financial of the Bank, whereas the report by the Board of Directors. 6.4.10 have the treatment of earnings under the terms of article 17 of the articles of agreement. 6.4.11 decide envelopes operation and management of the special funds of solidarity and emergency conditions. In addition, the Board shall adopt regulations of special funds. 6.4.12 approve the Strategic Plan, upon the recommendation of the Board of Directors. 6.4.13 develop, approve and amend its rules of operation. 6.4.14 interpret the Bank's articles of agreement. 6.4.15 address or resolve any other matter by this articles of agreement non-explicit or implicit competence of another body or which is not expressly attributed in the preceding paragraphs. ARTICLE 7. THE BOARD OF DIRECTORS.
7.1 the Board of Directors shall consist of a representative of each member country, appointed by the Council of Ministers on a proposal from each member country. A member of the Council of Ministers or the Council of audit or the Executive Board, may not serve simultaneously as a member of the Board of Directors. 7.2. the members of the Board of Directors will have three (3) year term. They may be appointed for another consecutive term, but in that case, only they can occupy the position again after an interval of a mandate. The Chairman of the Board of Directors shall be elected by and among its members. 7.3. each incumbent Director will have a substitute counselor who will replace it in the event of temporary or permanent absence. 7.4. the Management Board shall meet at least quarterly, or extraordinarily at the request of the Executive Board, or at the request of three (3) or more members. 7.5 the advisors will receive an allocation by assistance to the meetings of the Council of administration. 7.6 to make valid decisions of the Board of Directors will require quorum a minimum of three quarters (3/4) parts of its members. Decisions are taken by the Board of directors by a vote of the absolute majority of the members present. Each member country is entitled to one vote. 7.7. the Board of Directors shall: 7.7.1 monitor the economic, financial and credit management of the Bank, within the framework of the Strategic Plan. 7.7.2 to pronounce is on them standards operational and of administration of the Bank and on the regulations internal as well as suggest the modifications that consider suitable. 7.7.3 approved credit risk criteria and, in general, to define the integral policy of risk pursuant to article 11, proposed by the Executive Board. 7.7.4 set general requirements of professional suitability and experience that will be required to carry out the position of Director of the Bank, and assess its compliance in each case and at the request of the Council of Ministers. 7.7.5 approve quarterly reports of activities, financial reports, and credit reporting elevated by the Executive Board. 7.7.6 develop and elevate to the Council of Ministers an annual report on the economic, financial and credit management of the Bank. 7.7.7 pronounce on the financial statements and quarterly and annual financial of the Bank, approved by the Executive Board. 7.7.8 approve the operating budget and expenditures of the Bank, for the following financial year. 7.7.9 pronounce on the Strategic Plan submitted by the Executive Committee and raise it to the Council of Ministers for approval. 7.7.10 develop, approve and amend its rules of operation. 7.7.11 express opinion on all matters that are subjected to him by the Council of Ministers. ARTICLE 8. 8.1 Executive Board the Executive Board will be made by representatives of the shareholders, in the following way: one (1) Director by each member country, appointed by the Council of Ministers a proposal from each of them; one (1) Director appointed by the joint holders shares class B shareholders; and one (1) Director appointed by holders shareholders of shares class c Assembly 8.2. the members of the Executive Board shall be appointed for a period of three (3) years. They may be appointed for another consecutive term, and in this case, only may the position again after an interval of a mandate. 8.3. each conductor will have an alternate Director to act instead of the conductor, in the case of https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 temporary or definitive absence. 8.4. the Executive Board shall ordinarily meet once a week and, remarkably, that is always summoned by its Chairman, the Board of Directors, or three (3) Directors. 8.5. the post of principal conductor will be paid, while the Deputy Director may be remunerated when acting on behalf of the principal owner, according to what is established in the rules of procedure of the Executive Board. 8.6. the directors should meet the requirements of suitability and professional experience that sets the Board of Directors. 8.7. the Executive Board may operate validly with the presence of a number of Directors representing at least the Simple majority of the Member countries. 8.8. resolutions shall be taken by Simple majority of the directors representing the present Member countries. Directors representing the holders shareholders of shares class B and C, will have voice but no vote. 8.9. However, in cases of article 8, section 10, paragraphs 2, 9, 10 and 11, and only in case of operations planned there involving higher amounts to seventy million U.S. dollars (US $ 70.000.000) or one percent (1%) of the paid-in Capital at the time of the vote, which is higher, and in the case of article 8 subparagraph 10 paragraph 14 , will require the affirmative vote of two-thirds (2/3) parts of the directors, representing more than sixty and six percent (66%) of the capital of the class "a" shares. These amounts may increase it by resolution unanimous of the Council of Ministers. 8.10. the Executive Board will be responsible for managing the Bank's general and, in particular, shall: 8.10.1 run credit, economic and financial policy of the Bank, established by the Council of Ministers and the governing body, in accordance with the present articles of agreement. 8.10.2 authorize or approve the celebration of active and passive operations, investments, assumption of debt issuance of obligations, sureties, guarantees and any other operation, contract or transaction that directly or indirectly and in any type of currency, is intended to put into practice the social objective established in the articles of agreement and policies periodically fixed by the Council of Ministers and the governing body. 8.10.3 submit quarterly and annually to the Board of Directors the financial statements and the Bank's financial. 8.10.4 subject to the approval of the Board of Directors the operational budget and expenditures of the Bank, for the following financial year. 8.10.5 raise to the Board of Directors of Bank management and operational standards, and specific regulations. 8.10.6 raise credit risk criteria to the Board of Directors and, in general, integrated risk management policy, which you must adjust the operation of the Bank. 8.10.7 designate from among the representatives of the Member countries a Chairman and the other members of the Executive Committee according to the provisions of article 9. In case of resignation, death, disability, inability, removal or temporary or permanent absence, the incumbent President will be replaced by one of the members of the Executive Committee, elected by its members. 8.10.8 approve matters concerning the staff of the Bank, such as their remuneration, the definition of functional picture, the staff rules, the definition of rights and obligations, and the rules on determination of responsibilities. The appointment of the staff of the Bank shall be preceded by a transparent process of selection and competition. 8.10.9 authorise the signing of agreements and contracts, necessary for the fulfilment of the purpose of the Bank. 8.10.10 authorize the acquisition, disposition and administration of real estate and furniture.
8.10.11 authorizing the signing of judicial or extrajudicial transactional agreements; arbitration commitments or accept other alternative dispute resolution mechanisms. 8.10.12 quarterly reporting of activities, financial reports and credit reports, for consideration by the governing body. 8.10.13 create commissions or committees of the Board of Executive Directors and approve the internal organisation of the Bank and the respective distribution of competencies for its best performance. 8.10.14 delegate on the Executive Committee, on the basis of general parameters and subject to maximum limits, the powers provided for in article 8, section 10, paragraph 2. 8.10.15 develop, approve and amend its rules of operation. 8.10.16 convene extraordinary session of the Council of Ministers and of the Board of Directors. 8.11 is the responsibility of the Chairman of the Executive Board, in its capacity as President of the Bank: 8.11.1 exercise legal representation of the Bank. 8.11.2 convene and chair the meetings of the Executive Board. 8.11.3 conducting the ordinary business of the institution and the Chief of staff. 8.11.4 direct acts of administration of staff in accordance with the rules and regulations laid down by the Executive Board, and delegate fully or partially these powers. It will take into account, in appointing staff, the need to ensure the highest degree of efficiency, competence and integrity. ARTICLE 9. THE Committee Executive 9.1 the Executive Committee will be made by the Chairman of the Executive Board and, as determined by the Executive Board, up to three (3) Directors. The Executive Committee must have at least one member appointed by member countries whose contribution of capital corresponding to the three (3) lower stripes determined in the annex to this articles of agreement. 9.2. the members of the Executive Committee will have a term of three (3) years. Member countries whose representatives make up the Executive Committee may repeat for another consecutive term and may only hold the position again after an interval of a mandate. However, the Member country which exercised the Presidency of the Executive Board will again occupy that position after an interval of at least two (2) terms. In any case, to integrate the Executive Committee should be kept is the status of Director. 9.3. the decisions of the Executive Committee shall be adopted by Simple majority of members. The President of the directory Executive will have vote double in case of tie. 9.4. the Executive Committee shall: 9.4.1 coordinate the work of units of the Bank, and may delegate authority. 9.4.2 design and propose to the Board the necessary operational and administrative rules for the operation of the Bank. 9.4.3 submit to the Board of Directors the Strategic Plan after approval by the Executive Board. 9.4.4 develop, approve and amend its rules of operation. 9.4.5. all those responsibilities that delegate you the Board of Executive Directors. ARTICLE 10. THE Council of audit 10.1 the Board of audit will be made by one (1) member and an alternate member appointed by the Council of Ministers on a proposal from each member country; one (1) member and one alternate member for the total of shares class B holders shareholders; and one (1) member and one alternate member by holders shareholders of shares class C. total You can not serve simultaneously as a member of the Board of audit, a Director or member of the Council of Ministers, or member of the Board of Directors. 10.2. the members of the audit Council shall be appointed for a period of three (3) years. They may be appointed for another consecutive term, and if so, may only hold office again https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 after an interval of a mandate. The Chairman of the Audit Board shall be elected by and among its members. 10.3 each incumbent Director will have a substitute counselor who will replace it, in the event of temporary or permanent absence. 10.4 the Board of audit will meet at least quarterly or extraordinarily at the request of three (3) or more of its members. 10.5. the directors shall receive an allocation for attendance at meetings of the Board of audit. 10.6. the Audit Board shall take its decisions by a vote of the absolute majority of its members. Each Member shall have one vote. Existing differences in the vote, dissenting members have the right to record, in writing, of the reasons for his dissent. 10.7. the members of the audit Council shall be appointed under the specific requirements of professional qualifications and experience in financial, accounting or legal matter, set in General by the Council of Ministers. (10.8 may not be members of the Board of audit: i) the officers and employees of the Bank; (ii) the spouse, relatives by consanguinity in line straight, the side up to the fourth degree inclusive, and the related within the second degree of the members of the Council of Ministers, of the Board of Directors and of the Executive Board; (iii) persons with commercial or economic interest with the Bank. Them members of the Council of audit shall exercise their functions with character personal e delegated, and levied an allocation by assistance to the meetings of the Council. 10.9. the Audit Board shall: 10.9.1 the hiring of an external, independent audit and prestigious regional and international enterprise, which will certify the financial statements and annual financial that will be presented by the Executive Board to recommend to the governing body. 10.9.2 review and opinion on the financial statements and financial of the Bank, prior to the presentation to the Council of Ministers, to monitor regulatory requirements and the correct application of the existing accounting criteria are met. 10.9.3 to assess compliance by the Executive Board on the recommendations of the internal and external audits. 10.9.4 recommend to the Executive Board the correction or improvement of policies, practices and procedures identified in the scope of its powers. 10.9.5 organize the internal audit procedures, according to the international standards of corporate governance in financial matters. 10.9.6 develop, approve and amend its rules of operation. 10.9.7 develop and publish, on a quarterly basis, the report of the Board of audit. 10.9.8 overseeing the administration of the Bank, and may require and examine computer systems, books and documents, which are necessary for the exercise of its functions. 10.9.9 control the fulfillment of the provisions of the present articles of agreement, of the internal regulations and other rules issued in its consequence by the governing bodies of the Bank. 10.9.10 recommend to the Executive Board, when serious or urgent reasons require it, the call for an extraordinary meeting of the Council of Ministers. 10.10. the President of the Council of audit or a member of the Council by e! designated will, with voice but without vote, attend meetings of the Council of Ministers, of the Board of Directors and of the Executive Board, where the financial statements and quarterly and annual financial arise, or is deliberating its competition. ARTICLE 11. RESPONSIBILITIES 11.1 the members of the Board of Directors, the Executive Board and the Board of audit https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09
they must act with honesty and diligence, ensuring compliance with the present articles of agreement. 11.2. the violation of the principles referred to in the preceding paragraph, the conduct contrary to the interest of the Bank and the abuse of powers, generate the liability of the members of the Board of Directors, of the Board of Executive Directors, the Executive Committee or the Board of audit by the acts performed in the exercise of their functions. CHAPTER V RISK MANAGEMENT ARTICLE 12. MANAGEMENT INTEGRAL of risk the Bank must develop, adopt and apply measures and mechanisms to identify, measure, monitor, control and mitigate them risks that opposite in the exercise of their operations for preserve your heritage and take advantage of them opportunities of the market keeping the exhibition to them risks within them limits defined by the Council of administration. ARTICLE 13. LIMITS of indebtedness and exposure 13.1 the liability of the Bank shall not exceed an amount equivalent to two and a half (2 1/2) times his net worth. 13.2. the limit of the preceding paragraph may be increased up to a maximum of four (4) times the net Bank heritage by decision of the Council of Ministers. 13.3. the total of the loans and the Bank's investments, over the total amount of guarantees and collateral granted in favour of third parties, may not exceed an amount equivalent to three (3) times the net worth of the Bank. 13.4. the limit of the preceding paragraph may be increased up to a maximum of four and a half (4 1/2) times the net Bank heritage by decision of the Council of Ministers. 13.5 Argentina, Brazil and Venezuela may obtain loans from the Bank by an amount equivalent to up to four (4) times the subscribed Capital which each incorporated. 13.6 Bolivia, Ecuador, Paraguay and Uruguay may obtain bank loans by amount equivalent of up to eight (8) times the subscribed Capital which each incorporated. 13.7 in the case of the other national States of UNASUR incorporated into the Bank, the Council of Ministers will resolve the multiplier that may obtain loans from the Bank in relation to the subscribed Capital, which each has integrated. This multiplier may be not less than four (4) or more than eight (8). CHAPTER VI FINANCIAL YEAR, BALANCE SHEETS AND PROFITS ARTICLE 14. EXERCISE financial 14.1 the financial year of the Bank shall be for annual periods, which will begin on January 1 and end on December 31 of each calendar year. ARTICLE 15. States accounting and financial 15.1 the day that concluded the financial year shall be closed accounts for the purposes of the preparation of the financial statements and bank financial. ARTICLE 16. PUBLICATION of reports and provision of information 16.1 the Bank shall publish annually a memory, which contains the financial statements and audited financial. You can publish reports that deems suitable. Copies of all publications made pursuant to this chapter shall be supplied to all the shareholders of the Bank. ARTICLE 17. UTILITIES 17.1 the Bank does not distribute utilities between nation-States holders of shares class A and B. In any case, all of the profits of each financial year will be earmarked for the establishment of a fund 0 https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 statutory reserve until his accumulated amount reaches a value equal to two (2) times the subscribed Capital. Once reached that level, the Council of Ministers shall determine the allocation of surplus profits. CHAPTER VII DENUNCIATION, WITHDRAWAL AND SUSPENSION OF SHAREHOLDERS ARTICLE 18. DENUNCIATION and withdrawal 18.1 Member States may denounce this Convention articles by simultaneous notification to the Ministry of Foreign Affairs of the Republic Bolivariana of Venezuela and to the Council of Ministers at the headquarters of the Bank. 18.2 other shareholders may be removed of the Bank by giving notice to the Council of Ministers at the headquarters of the Bank. 18.3 it denounces or the removal will have effect final after after six (6) months counted from the date in that is has delivered the notification. However, during this period, the shareholder and members of the Councils of Ministers, management and auditing, and the Executive Board representing it, may exercise no function derived from the present articles of agreement. 18.4 before it denounces or the removal have effect final, the shareholder may desist of its intention of denounce or withdraw is, whenever so it notify to the Bank and/or to the Ministry of the power Popular for relations foreign of the Republic Bolivarian of Venezuela by written. 18.5. even after that the denunciation or withdrawal have definitive effects, the shareholder will remain responsible for all direct and indirect obligations you may have with the Bank on the date of delivery of the notice, including those referred to in article 20. However, not shall incur any liability for the obligations resulting from operations that make the Bank after the date of the notification of denunciation or withdrawal. ARTICLE 19. SUSPENSION of a 19.1 shareholder the shareholder who fails to comply with its obligations to the Bank may be suspended when the Council so decides. 19.2. the suspended shareholder will no longer automatically take such character to have after one (1) year following the date of the suspension, unless the Council of Ministers agreed to terminate the suspension. In this case, it shall apply the provisions of article 20. 19.3 duration of the suspension, the shareholder, and members of the Councils of Ministers, administration, auditing and Executive Board representing it, may not exercise any function for the present articles of agreement or any claim based on the same, except the retiring in accordance with the provisions of article 18 of the present articles of agreement. ARTICLE 20. LIQUIDATION of accounts 20.1 after denunciation or withdrawal are definitive, and effects from the date of notification of the denunciation or withdrawal, shareholder cease to participate in the profits or losses of the Bank and will not assume any responsibility with respect to the future obligations of the Bank, financial and non-financial, direct or indirect. However, will remain invariable way its liability for all direct and indirect obligations you may have with the Bank. Also continue to force their rights of creditor with respect to the obligations that the Bank had with him. 20.2 when a shareholder stops seriously, the Bank will take steps to repurchase the shares of such shareholder as part of the clearance of accounts, according to the provisions of this article; However, such shareholder shall have no other rights, in accordance with the articles of agreement, which other than as set forth in this chapter. 20.3. the Bank and the shareholder which ceases to be so may agree the terms of the buy-back of ordinary shares, in terms that both deem appropriate under the circumstances, the provisions of the following paragraph as applicable. Such an agreement may stipulate, among other https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 1
materials, final settlement of all obligations of such shareholder with the Bank. 20.4 If the agreement referred to in the preceding subparagraph not arises within six (6) months following the date on which the shareholder would have ceased to be, or within the period that both have agreed, the price of repurchase of the shares held by the shareholder will be equivalent to the book value have, according to the Bank's books , on the date in which such shareholder had ceased to belong to the Bank, in this case, the transfer will be under the following conditions: 20.4.1 the payment of the price of the shares will only be performed once the shareholder which ceases to be have been granted the corresponding transfer of its shares. Such payment may be made in installments, deadlines and currencies as the Bank may decide, taking into account its financial position; 20.4.2. of the amounts owed by the Bank shareholders who let be, concept of the transfer of its shares, the bank shareholder must retain an adequate amount while and, where appropriate, its political subdivisions or its Government agencies, have with the Bank loan or guarantee operations resulting obligations. The amount deducted will be applied, at the option of the Bank, to the liquidation of any of these obligations as maturity occurs. Not is may, however, retain amount one by cause of the responsibility that eventually has the shareholder by requirements future of payment of your subscription. 20.4.3 If the bank suffers losses on loan or participation operations or as a result of any warranty, pending on the date on which the shareholder ceased to be it, and if they exceed the respective reserves existing at that date, the shareholder shall reimburse to the Bank, at the request of, the amount that such losses would have altered the purchase price of their shares if they were considered to determine the accounting value of them , according to the books of the Bank. In addition, shareholder who ceased to be what will continue obligated to satisfy any order for payment, in accordance with article 4, up to the amount that would have been obligated to cover if the requirement had taken place at the time that determined the price of repurchase of its common stock. 20.5 no is can pay any amount which, under this chapter, owed him by their actions until after six (6) months from the date on which such shareholder has ceased to be a shareholder. If within said term, the Bank gives term to their operations, the rights of the referred shareholder is governed by it willing in them articles 23 and 24 of this Convention establishing. The shareholder will continue being considered as such for the purposes of these articles, except that you will not be entitled to vote. CHAPTER VIII SUSPENSION AND TERMINATION OF OPERATIONS ARTICLE 21. SUSPENSION of operations 21.1 when arise circumstances that preclude the regular functioning of the Bank, the Executive Board adopted the rule of vote provided for in paragraph 9 of article 8 may suspend operations relating to new loans and guarantees until the Council of Ministers has opportunity to examine the situation and take appropriate action. ARTICLE 22. TERMINATION of operations 22.1 the Bank may terminate its operations by a decision of the Council of Ministers. At the end of the operations, the Bank shall immediately cease all its activities except those that relate to conserve, preserve and carry out its assets and cancel its obligations. 22.2 determined completion of operations of the Bank, will proceed its liquidation carried out by a liquidator or a liquidation Committee in accordance with what has the Council of Ministers. The liquidator or the liquidation Committee shall represent the Bank during the liquidation process. ARTICLE 23. LIABILITY of the shareholders and payment of the debts https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 2 23.1 the liability of the shareholders coming from subscriptions of capital according to the rules of this Convention articles continue while all obligations of the Bank including the indirect or possible are not settled. All direct creditors will get paid with the Bank's assets and then with the funds to be obtained from the payment of the portion owed cash Capital and the Capital of guarantee requirement. Before making any payment to the creditors direct, the Executive Board must take measures which it believes are necessary to ensure a distribution pro rata, between the creditors of direct and indirect obligations. ARTICLE 24. DISTRIBUTION of assets 24.1 shall not be any distribution of assets among shareholders on account of the shares which they have in the Bank, while not all obligations with creditors has been cancelled, or provision for their payment has been made. It will be required, in addition, that the Council of Ministers decides to carry out the distribution. All distribution assets to shareholders will be in proportion to the number of shares holding and in the terms and conditions as the Bank considers fair and equitable. It is not necessary that the portions that are distributed among the various shareholders contain the same asset class. No shareholder shall be entitled to receive their part in the referred distribution of assets while you have not honoured all its obligations to the Bank. Shareholders receiving assets distributed in accordance with this article, shall enjoy the same rights that corresponded to the Bank in those assets, before distribution. CHAPTER IX IMMUNITIES, EXEMPTIONS AND PRIVILEGES ARTICLE 25. REACHES 25.1 to the Bank to fulfil the object and functions which is entrusted, member countries shall take, in accordance with the legal regime of each of them, the provisions that may be necessary in order to make effective the immunities, exemptions and privileges set forth in this chapter. ARTICLE 26. 26.1 judicial procedures the Bank in contractual relations that subscribes will establish as applicable jurisdiction the courts of a member country. Notwithstanding the foregoing, prior approval of the Executive Board, may submit the Bank another jurisdiction according to the nature of the legal transaction concerned. 26.2 them shareholders and them people that them represent, not may engage any action judicial against the Bank and only may do assert their rights, through them procedures for settling disputes that is established in this Convention establishing or them procedures alternative that in the future is established. 26.3. the property and other assets of the Bank shall enjoy immunity with respect to expropriation, confiscation, kidnapping, however, or any form of apprehension or forced alienation, that affects the property of the Bank on such property by Executive, legislative or judicial action. ARTICLE 27. INVIOLABILITY of the 27.1 files files of the Bank shall be inviolable. ARTICLE 28. PRIVILEGE for communications 28.1 each member country shall grant to the official communications of the Bank the same treatment given to the official communications of other Member countries. ARTICLE 29. You exemptions tax 29.1 both the Bank, as their income, property and other assets, as well as the operations and transactions made in accordance with its object, shall be exempt from all tax levies and customs duties. 29.2. allocations, salaries, wages and fees, the Bank paid its advisers and https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 3
Directors, officers and employees who were not of the same nationality or permanent residents of the country in which they play for the Bank, shall be exempt from tax. 29.3. the Member countries shall not impose taxes of any kind on any obligation or security issued or guaranteed the Bank, including dividends and interest regardless of the person of the holder. ARTICLE 30. IMMUNITIES and privileges personal 30.1 counselors, directors, officers and employees of the Bank shall be entitled (i) immunity from jurisdiction and execution, with respect to acts, including his words and writings, executed by them in the exercise of their official functions and within the limits of their obligations. Notwithstanding this, the Bank at any time may waive the immunity; (ii) the same immunities with respect to restrictions on immigration, requirements for registration of foreign nationals, treatment with respect to documentation of travel, military service obligations and the same facilities with respect to exchange rate provisions, which the Member countries grant to the representatives, officials and employees of other Member countries comparable range. 30.2. the privileges and immunities agreed in this chapter only correspond to those directors, directors, officers and employees of the Bank who are not nationals or have permanent residence in the country in which they play for the Bank. CHAPTER X GENERAL PROVISIONS ARTICLE 31. EFFECTIVE 31.1 the present articles of agreement may not be signed with reservations or these can be received on the occasion of its ratification or accession. 31.2. the present articles of agreement shall enter into force five (5) days after deposit, in the depositary of the instruments of ratification of the Simple majority of the countries founders that, Additionally, altogether, represent more than two-thirds (2/3) parts of the subscribed Capital of the Bank. The depositary shall communicate the date of each deposit States signatories that have signed the present articles of agreement and that if acceding. The depositary shall notify States signatories the date of entry into force of this Convention. For States adherents, it shall enter into force five (5) days after the date that such State has deposited its instrument of ratification. 31.3. the instruments of ratification shall include the statement that the State signatory or adherent has approved the present articles of agreement in accordance with its domestic law and has taken necessary measures in order to comply with all obligations under the articles of agreement, especially those concerning the privileges and immunities referred to in chapter IX of this Convention articles. At any time, and for the purpose of protecting assets and Bank officials, the Council of Ministers can check if a member country which is holder of the headquarters of a regional headquarters or where a unit of the Bank, is established has seriously violated some or certain conditions of guarantees, immunities and privileges granted to the Bank in accordance with chapter IX. In the event that the Council of Ministers finds that effectively the Member country which is holder of the headquarters of a regional headquarters or where a unit of the Bank, is established has seriously violated any or some conditions of immunities, guarantees and privileges granted to the Bank, the Council of Ministers must resolve the suspension of the activity of the headquarters Subsite or dependency that is found in the Member country in which the inquiry was carried out, until both the violation has ceased and she damage has been properly repaired, at the discretion of the Council of Ministers. He country member by which is carry to out the consultation will have voice more not vote in them meetings in which is try these affairs, until both the suspension of operation of the headquarters, regional headquarters or dependency https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 4 is left without effect as it planned in the paragraph previous. 31.4. after of its entry into force the present articles of agreement shall be open for accession by members of UNASUR national States that so request it. ARTICLE 32. Amendment 32.2 the present articles of agreement may be amended or modified at the initiative of the Executive Board by written communication addressed to the Council of Ministers. The Council of Ministers sent the proposal to the Member States, which shall be submitted to the vote at the next meeting of the Council. 32.3 them amendments or modifications adopted will enter in force when have been accepted by all the countries members of the Bank, through the deposit of the instrument respective to the depositary. ARTICLE 33. INTERPRETATION and arbitration 33.1 States signatories agree that any discrepancy, controversy, issue or claim that arises between a member country of the Bank and the Bank, or between the Member countries of the Bank arising from the interpretation or application of the present articles of agreement, it shall be resolved through direct consultations between the parties. 33.2 if having spent forty-five (45) consecutive days from the date of commencement of direct consultations, has not been reached a satisfactory outcome for both parties, either of them may request within the following thirty (30) consecutive days, the dispute to be submitted to the decision of the Council of Ministers of the Bank. For these purposes, the application shall be recorded before the Executive Board. The decision of the Council of Ministers of the Bank shall be adopted by consensus and shall be binding on the parties. 33.3 if having gone ninety (90) consecutive days from the date that the controversy has been subjected to the decision of the Council of Ministers of the Bank, unless it had decided it, the matter will be resolved definitely at the request of one of the parties through arbitration by a tribunal composed of three arbitrators. Two arbitrators shall be appointed by the parties and the third, except by agreement between them, by the Secretary General of UNASUR. If a party does not appoint its arbitrator, the other party may ask the Secretary-General of UNASUR designation of the missing arbitrator. 33.4. decisions shall be taken by a majority. The third arbitrator may decide all questions of procedure in cases where the parties are not in agreement on the matter. 33.5. the tribunal will make its decision on the primary source articles of this agreement. In addition, supplementary shaped, will be the principles and rules of public international law or other rules of law laid down by the parties. 33.6 where arise disagreements between the Bank and a national State that has ceased to be a member of the Bank, or between the Bank and a member country after settlement has been agreed the Bank, the matter will be resolved directly by arbitration, in the same way as in the previous paragraph. CHAPTER XI TRANSITIONAL RULES ARTICLE 34. 34.1. immediately following the entry into force of this Convention as provided for in the preceding chapter, the Council of Ministers will meet at the headquarters of the Bank and shall appoint the members of the Executive Board, the Board of audit and of the Board of Directors. 34.2. as long as the Board does not have at least seven (7) members representatives of member countries, does not apply the provisions of article 9 of the present articles of agreement, and the established powers of the Executive Committee there shall be exercised by the Executive Board.
34.3. the Management Board shall appoint an "ad hoc" Committee composed of two (2) representatives of the central banks, Superintendence of banks or financial of each signatory State control agencies, in conjunction with the Executive Board, provide for a proposal of criteria of credit risk and, in general, policy of management of risks, as well as operational rules and bank management taking into account international standards of transparency and good corporate governance in financial matters. This Committee shall have a maximum period of one (1) year to fulfill their functions, which may be extended by six (6) months with approval of the Board of Directors. 34.4 starting from the cabinet installation, you should consider the elaboration and adoption of its rules of operation. 34.5. the Board of Directors, Executive Board, the Executive Committee and the Board of audit shall have, each, a period of ninety (90) days from installation to develop and approve their respective regulations of operation. 34.6. the first financial year of the Bank shall begin with the entry into force of the present articles of agreement and will end December 31, subsequent. 34.7. the present articles of agreement will be open for a period of one hundred twenty (120) days to the signature of the other members of UNASUR national States. For this purpose, these national States members of UNASUR will sign shares class A according to the stripes laid down in the annex to the present articles of agreement. 34.7.1. the nation States included in the two Strip (2): 18.104.22.168 will integrate actions according to the schedule provided for in article 4 paragraph 5, paragraph 5, subparagraph 1 of the articles of agreement. 22.214.171.124 may obtain loans from the Bank under the conditions of article 13, paragraph 5 of this founding agreement 34.7.2 States national included in the Strip five (5): 126.96.36.199 will integrate actions according to the schedule provided for in article 4, paragraph 5, paragraph 5, subparagraph 2 of the articles of agreement. 188.8.131.52 may obtain loans from the Bank under the conditions of article 13, paragraph 6 of this Convention establishing 34.8 until elected the Secretary-General of UNASUR and effective the constitutive treaty of UNASUR, the appointment of the third arbitrator for the purposes of the provisions of article 33 will be carried out by the Council of Ministers. Signed at the city of Porlamar, Bolivarian Republic of Venezuela, the twenty-sixth day of September in the year two thousand nine, in an original copy drawn up in the Portuguese and Spanish languages. For the Republic Argentina annex Strip country amount in millions of U$ S https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 6 Appendix definitions for the purposes of this Convention: "1) common shares" means the fractions in which the Bank's Capital is divided and subdivided into shares class A shares class B and class c shares
(2) "banco" means "Bank of the South" in the terms provided for in article 1, paragraph 1 of the articles of agreement.
(3) "authorized capital" means capital of the Bank approved by article 4 (1) of the articles of agreement.
(4) ""capital warranty"means the part of the authorized Capital subscribers of shares have been forced to integrate through the granting of guarantee, in the terms provided in article 4 paragraph 5 paragraphs 2, 3 and 4 of the articles of agreement.
5) "capital cash" means the part of the authorized Capital subscribers of shares have been forced to integrate cash in U.S. dollars or local currency, in the terms provided in article 4 paragraph 5 paragraphs 2, 3 and 4 of the articles of agreement.
(6) "capital paid" means the Capital subscribed effectively integrated.
7) "subscribed capital" means the part of the authorized Capital subscribers of shares have been forced to integrate within the deadlines set out in the articles of agreement. It is the amount of original capital laid down in article 4, paragraph 1 of the articles of agreement.
(8) "Executive Committee" means the body of the Bank referred to in article 9 of the articles of agreement.
(9) "governing body" means the governing body of the Bank he referred to article 5, paragraph 1, whose composition, mandate, form of deliberation and functions are defined in article 7, both of the articles of agreement.
(10) "Council of audit" means the organ of control of the Bank to which makes reference the article 5, paragraph 1 whose composition, mandate, form of deliberation and powers are are defined in the article 10, 1 Argentina, Brazil, Venezuela 2,000 2 Chile, Colombia, Peru 970 3 Ecuador, Uruguay 400 4 Bolivia, Paraguay 100 5 Guyana, Suriname 45 Total 10,000 https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 7 both of the Convention establishing.
11) "Council of Ministers" means the governing body he referred to article 5, paragraph 1 the composition, powers, form of deliberation are defined in article 6, both of the articles of agreement.
12) "articles of agreement" means the instrument whereby the Bank is constituted and the provisions governing the same activity are established.
13) "premises" means the companies linked, branches, agencies, offices or representations of the Bank, which were necessary for the performance of its functions.
14) "depositary" referred to the Ministry of Foreign Affairs of the Bolivarian Republic of Venezuela.
15) "director" means the representative of shareholders comprising the Executive Board in the terms provided for in article 8 of the articles of agreement.
16) "Board" means the executive body that referred to in article 5, paragraph 1, that general Bank, whose composition, mandate, form of deliberation is in charge of the Administration and powers are defined in article 8, both of the articles of agreement.
17) "U.S. dollars" means the currency of legal tender in the United States of America.
Adherent 18) 'State' means that national State member of UNASUR that, subsequent to the entry into force of the Bank, has deposited the instrument of ratification as provided in article 31, paragraph 2 of the articles of agreement.
19) "signatory" means that national State member of UNASUR that has subscribed to the Bank's articles of agreement. It includes the countries founders and national States that sign the articles of agreement as provided in article 34, paragraph 7.
20) "financial statements and financial" mean that reports in accounting and financial matters of the Bank to a certain date, and its economic and financial developments in the period covered.
21) "statutory reserve fund" means the Fund established with all utilities, until his accumulated amount reaches a value equal to two (2) times the subscribed Capital, according to the provisions of article 17, paragraph 1 of the articles of agreement.
(22) "franja" means each of the estates that are identified in the annex to this Convention articles, and which include individualized in the same State.
$23) "integration" means the minimum percentage of the nominal value of each share, according to the provisions of article 4 paragraph 5 paragraph 1, subsection 1 of the articles of agreement, which will be integrated into US dollars.
"24)"integration in Local currency"means the percentage of the nominal value of each share, according to the provisions of article 4 paragraph 5 paragraph 1, subsection 2 of the articles of agreement, which will be integrated into the local currency of the Member country that subscribes the action.
25) "absolute majority" means more than half of the votes.
26) "Simple majority" refers to formed by the number of votes obtained the alternative with the largest number of votes in favour.
27) "countries founders" are Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela.
28) "members" means the national Member States of the Union of South American Nations (UNASUR) that subscribe to the Bank's articles of agreement.
(https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 8 29) "Net equity" means the difference between the assets and liabilities of the Bank.
(30) "Strategic plan" means a planning instrument designed to organize the activities of the Bank in the long term, which must be presented by the Executive Committee to the Board of Directors, under the terms of article 9 paragraph 4 paragraph 3 to the purposes specified in article 6 paragraph 2 paragraph 12 and article 7 paragraph 7 paragraph 9 , all of the articles of agreement.
31) "The Bank's President" or "President of the Executive Board" means that Member of the Executive Board that has legal representation and leadership from the Bank under the terms of article 8, paragraph 11 of the articles of agreement.
(32) "President of the Council of administration" means that Member of the Council of administration that is elected by the rest of the members to lead the Council of administration.
33) "headquarters" is called the main headquarters of the Bank which will take place in the city of Caracas, Bolivarian Republic of Venezuela, as provided for in article 1, paragraph 2 of the Convention articles 34) "Subsite" referred to those sub-host of the Bank that will operate in the autonomous city of
Buenos Aires, Argentina Republic and in the city of la Paz, plurinational State of Bolivia, according to the provisions of article 1, paragraph 2 of the articles of agreement.
35) "UNASUR" means Union of South American Nations.
36) "utilities" refers to the positive net profit for the year.
Date of publication: 04/10/2011 https://www.boletinoficial.gob.ar/pdf/linkQR/Z2FvaStUc2w0REl5VC9wRXlpb01lUT09 9
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