1. The supreme management body of the Bank is the Bank’s Board that includes one authorized representative of each Contracting Party. Each Bank Member shall have one vote for the purposes of meetings of the Bank’s Board, irrespective of the amount of its membership fee. The Bank Members shall officially inform all the Contracting Parties of appointment of their respective authorized representatives to the Bank’s Board and their two deputies who are entitled to perform the duties of the authorized representative in his/her absence.
2. The Bank’s Board shall hold its meetings at least once a year in the city where the Bank’s office is located. Ad hoc meetings of the Bank’s Board shall be convened at the request of the Bank’s President, when he/she may deem it reasonable or when requested in writing by any two Board members of the Bank. Resolutions of the Bank’s Board shall be adopted by qualified majority equaling seventy-five percent of the total number of votes.
3. The Bank’s Board shall have the following powers to:
- Adopt resolutions on admittance of new members of the Bank;
- Adopt resolutions on the increase in the authorized capital of the Bank;
- Every five years, consider and approve the report of the Bank’s President;
- On the suggestion of the Bank’s President, adopt the Bank’s budget and hear the report on the budget implementation;
- Approve threshold amounts of settlement loans to Central (National) banks, amounts of applicable interest rates and tariffs for the Bank’s services, internal regulations and rules of activities of the Bank;
- Adopt resolutions on sanctions and fines, as well as on measures to be applied to those members who fail to observe the rules and basic provisions of the Agreement, the Articles of Association, and respective Memoranda/Minutes associated with the Bank.
4. In order to hold meetings of the Bank’s Board, the members shall elect a Chairman of the Bank’s Board among them on an annual basis. Nobody may perform the duties of the Chairman for more than five years in succession, however, after a one-year break he/she may become Chairman again. In case of occurrence of a vacant position of the Chairman at a regular Board meeting, the members shall elect a new Chairman.
5. The Bank’s Board shall appoint and dismiss the Bank’s President by at least 75% (seventy-five percent) of votes. The President shall be responsible for the operational management of the Bank and preparation of materials to be considered at the Board meetings. The Bank’s President shall be personally accountable to the Bank’s Board for the results of the current activities of the Bank. The President shall determine the number and duties of employees of the Reserve Interstate Bank, hire and dismiss them.
6. The Bank’s President shall determine regulations and rules, as necessary, which shall be observed in the Bank with respect to all the matters, other than those provided for in the Agreement Establishing the Reserve Interstate Bank, these Articles of Association or the corresponding memoranda/minutes.
7. The Bank’s President may engage experts for the performance of particular works.