Artikel 23

(1). All the powers of the Fund shall be vested in the Board of Governors.
(2). The Board of Governors may delegate to the Board of Directors all its powers, except the power to:
(i) admit new participants and determine the terms of their admission;
(ii) authorize increases in subscriptions under Article 7 and determine the terms and conditions relating thereto;
(iii) suspend a participant;
(iv) decide appeals from decisions made by the Board of Directors concerning the interpretation or application of this Agreement;
(v) authorize the conclusion of general arrangements for cooperation with other international organizations, other than arrangements of a temporary or administrative character;
(vi) select external auditors to audit the accounts of the Fund and certify the balance sheet and statement of the income and expenditures of the Fund;
(vii) approve after reviewing the report of the auditors, the balance sheet and the statement of the income and expenditures of the Fund;
(viii) amend this Agreement;
(ix) decide to terminate the operations of the Fund and distribute its assets; and
(x) exercise such other powers as are expressly assigned to the Board of Governors in this Agreement.
(3). The Board of Governors may at any time revoke the delegation of any matter to the Board of Directors.