Amendment Of The Agreement Establishing The European Bank For Reconstruction And Development, The Use Of Special Fund In Recipient Countries And Potential Recipient Countries To Tagged...

Original Language Title: Änderung des Übereinkommens zur Errichtung der Europäischen Bank für Wiederaufbau und Entwicklung, um die Verwendung von Sonderfonds in Empfängerländern und potenziellen Empfängerländern zu ge...

Read the untranslated law here: https://www.global-regulation.com/law/austria/2996260/nderung-des-bereinkommens-zur-errichtung-der-europischen-bank-fr-wiederaufbau-und-entwicklung%252c-um-die-verwendung-von-sonderfonds-in-empfngerlndern-u.html

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206. amendment of the agreement establishing the European Bank for reconstruction and Entwicklung1, to allow the use of special fund in recipient countries and potential recipient countries

 

Article 18 of the Convention is amended, it reads as follows: "article 18: Special Fund 1 (i) can the Bank management of special fund in their destination countries and potential recipient countries take that serve their purpose and fall within their remit." All costs for the administration of such fund shall be borne by the relevant special fund.



(ii)



For purposes of the subsection (i), the Board of Governors at the request of a member of who is not a beneficiary country, can decide that Member as a potential recipient country for a limited period and conditions in question comes that seem advisable. Such a decision is taken by the consent of at least two-thirds of the Governors, representing at least three quarters of the number of total votes of the members.



(iii)



The decision to grant the members of the qualification as a potential recipient country, can only be made if such a member in the position, the conditions is qualified by the recipient country can be. These conditions are set out in article 1 of the Convention, as they are at the time of such a decision or how they are going to be after an amendment came into force, which was approved at the time of such decision by the Governing Council.



(iv)



If a potential recipient country has become the end of the period to which subsection (ii) relates, not recipient country, the Bank will provide promptly any special activities in this country except that which is necessary for the proper implementation, the conservation and protection of the assets of the Fund and the payment of obligations incurred in connection therewith.

2. the fund adopted by the Bank can used in its recipient countries and potential beneficiary countries in any way and under any conditions, with the purpose and tasks of the Bank, the other relevant provisions of this Convention and or closed agreements are compatible with these funds.

3. the Bank shall adopt all necessary arrangements for the establishment, management and use of the Special Fund for individual. These must be compatible with the provisions of this Convention with the exception of those that are applicable only to the ordinary business activities of the Bank."

 

AMENDMENT OF THE AGREEMENT ESTABLISHING THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT IN ORDER TO ALLOW THE USE OF SPECIAL FUNDS IN RECIPIENT COUNTRIES AND POTENTIAL RECIPIENT COUNTRIES

Article 18 of the agreement be amended to read as follows: "article 18: SPECIAL FUNDS 1 (i) the Bank may accept the administration of special funds which are designed to serve the purpose and come within the functions of the Bank in its recipient countries and potential recipient countries." The full cost of administering any such special fund shall be charged to that special fund.



(ii)



For the purposes of sub paragraph (i), the Board of Governors may, at request the of a member which is not a recipient country, that members find decide qualifies as a potential recipient country for such limited period and under such terms as may seem advisable. Search decision shall be taken by the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members.



(iii)



The decision to allow a member to qualify as a potential recipient country can only be made if such member is able to meet the requirements for becoming a recipient country. Such requirements are those set out in article 1 of this agreement, as it reads at the time of such decision or as it will read upon the entry into force of that on amendment has already been approved by the Board of Governors at the time of such decision.



(iv)



If a potential recipient country has not become a recipient country at the end of the period referred to in sub paragraph (ii), the Bank shall forthwith cease any special operations in that country, except those incident to the orderly realization, conservation and preservation of the assets of the Special Fund and settlement of obligations that have arisen in connection therewith.

2. special funds accepted by the Bank may be used in its recipient countries and potential recipient countries in any manner and on any terms and conditions consistent with the purpose and functions of the Bank, with the other applicable provisions of this agreement, and with the agreement or agreements relating to such funds.

3. the Bank shall adopt such rules and regulations as may be required for the establishment, administration and use of each special fund. Search rules and regulations shall be consistent with the provisions of this agreement, except for those provisions expressly applicable only to ordinary operations of the Bank."

 

After notification of the Secretary-General of the European Bank for reconstruction and development from August 14, 2012, the amendment in accordance with article 56 comes into force paragraph 3 of the Convention on 22 August 2012.

Faymann