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(a). The Board shall be responsible for the general operations of the Agency and shall take, in the fulfilment of this responsibility, any action required or permitted under this Convention.
(b). The Board shall consist of not less than twelve Directors. The number of Directors may be adjusted by the Council to take into account changes in membership. Each Director may appoint an Alternate with full power to act for him in case of the Director's absence or inability to act. The President of the Bank shall be ex officio Chairman of the Board, but shall have no vote except a deciding vote in case of an equal division.
(c). The Council shall determine the term of office of the Directors. The first Board shall be constituted by the Council at its inaugural meeting.
(d). The Board shall meet at the call of its Chairman acting on his own initiative or upon request of three Directors.
(e). Until such time as the Council may decide that the Agency shall have a resident Board which functions in continuous session, the Directors and Alternates shall receive compensation only for the cost of attendance at the meetings of the Board and the discharge of other official functions on behalf of the Agency. Upon the establishment of a Board in continuous session, the Directors and Alternates shall receive such remuneration as may be determined by the Council.