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a. The Administrative Council shall consist of a Chairman appointed by the Governing Board for a three-year term, renewable for a second threeyear term, and one representative appointed by each Member. Each Member may appoint a substitute. The Secretary General of the Council of Europe may participate in or be represented at the meetings.
b. The Administrative Council shall be convened by its Chairman or at the request of five of its members at least four times a year.
c. The Administrative Council may, when necessary, invite representatives of international organisations or any other interested person to participate in its proceedings without the right to vote.
a. Decisions of the Administrative Council at its meetings shall be valid only if two-thirds of its Members' representatives are present.
b. Each Member shall have one vote for each participating certificate held by it.
Decisions shall be taken by a majority vote. Only votes in favour or against shall count for the purpose of calculating the majority or majorities.
c. Decisions may also be taken in writing between meetings.
d. Any Member which has failed to pay on time the part of the capital falling due may not, for as long as such non-payment persists, exercise the voting rights corresponding to the sum due and not paid up.
e. However, the Administrative Council shall adopt the following decisions by a majority of its members voting in favour or against and by a majority of votes cast:
i) decisions relating to investment projects which have not obtained in the Executive Committee the majority required under Section 5. litt. e. of this Article;
ii) proposals and opinions addressed to the Governing Board in accordance with Article IX, Section 3. paragraph 1 litt. c., d.,f.,m. and n.;
iii) adoption or amendment of the Rules of Procedure of the Administrative Council;
iv) election of members of the Executive Committee.
f. Furthermore, the Administrative Council shall take by a majority of Members voting in favour or against and holding two-thirds of the votes cast decisions relating to investment projects which have not received the opinion as to admissibility referred to in Article XIII, litt. c. of the Articles of Agreement.
a. The Administrative Council shall set up an Executive Committee; this committee shall consist of nine of its members, elected for a two-year renewable term. When appointing those members, the Administrative Council shall bear in mind the fact that all the Bank's Members should have the possibility of sitting on the Executive Committee, while also taking into consideration the participating certificates held and the importance of ensuring a balanced geographical distribution.
The Executive Committee shall, inter alia:
i. conduct an initial examination of applications for loans and guarantees;
ii. monitor the implementation of the investment projects financed by the Bank and take any appropriate decisions in this connection;
iii. monitor the Bank's financial activities, in particular its financial transactions, and take all the necessary measures in this connection;
iv. give its opinion on any other question put to it by the Administrative Council;
v. assist in the preparation of the Administrative Council's meetings in respect of the above-mentioned items.
b. The Executive Committee shall report on its decisions, work and proposals at each meeting of the Administrative Council.
c. Any Member not represented on the Executive Committee may, on request, take part in the discussion of agenda items of particular interest to it.
d. The Executive Committee shall meet as frequently as necessary, but at least eight times a year.
e. Within the guidelines and limits laid down by the Administrative Council, the Executive Committee shall take its decisions by a majority of seven of its members. If this majority is not attained, the item under discussion shall be referred back to the Administrative Council.