Artikel 28

1. All the powers of the Bank shall be vested in the Board of Governors.
2. The Board of Governors may delegate to the Board of Directors any or all its powers, except the power to:
(i) admit new members and determine the conditions of their admission;
(ii) increase or decrease the authorized capital stock of the Bank;
(iii) suspend a member;
(iv) decide appeals from interpretations or applications of this Agreement given by the Board of Directors;
(v) authorize the conclusion of general agreements for cooperation with other international organizations;
(vi) elect the Directors and the President of the Bank;
(vii) determine the remuneration of the Directors and their alternates and the salary and other terms of the contract of service of the President;
(viii) approve, after reviewing the auditors' report, the general balance sheet and the statement of profit and loss of the Bank;
(ix) determine the reserves and the distribution of the net profits of the Bank;
(x) amend this Agreement;
(xi) decide to terminate the operations of the Bank and to distribute its assets; and
(xii) exercise such other powers as are expressly assigned to the Board of Governors in this Agreement.
3. The Board of Governors shall retain full power to exercise authority over any matter delegated to the Board of Directors under paragraph 2 of this Article.
4. For the purposes of this Agreement, the Board of Governors may, by a vote of two-thirds of the total number of Governors, representing not less than three-fourths of the total voting power of the members, from time to time determine which countries or members of the Bank are to be regarded as developed or developing countries or members, taking into account appropriate economic considerations.