Artikel 29

a). The Board of Directors shall be responsible for the general operations of the Bank and shall, in addition to the powers assigned to it expressly by this Agreement, exercise all the powers delegated to it by the Board of Governors. In particular, it shall:
(i) prepare the work of the Board of Governors;
(ii) establish policies concerning, inter alia, a) the financial operations and financial management of the Bank; and
b) the full disclosure of non-confidential information, and, as appropriate, consultation and participation with local communities throughout the project cycle;
a) the financial operations and financial management of the Bank; and
b) the full disclosure of non-confidential information, and, as appropriate, consultation and participation with local communities throughout the project cycle;
(iii) present the audited annual financial statements to the Board of Governors for approval;
(iv) approve the budget of the Bank, including resources for the Forum; and
(v) report periodically to the Board of Governors on progress toward regional economic cooperation.
b). Unless the Board of Governors decides otherwise by special majority,
(i) any Governor, representing a member with at least four percent of the authorized capital stock, may elect a Director; and
(ii) acting in agreement, two or more Governors, representing members with at least four percent of the authorized capital stock, may elect a Director.
If any such Governor or Governors represent members which have acceded to this Agreement after a general election of Directors, such as at the inaugural meeting, any Director elected by that Governor or those Governors shall serve for a term coterminous with that of the Directors elected at that general election.
Each Director may appoint an Alternate with full power to act for him or her in case of his or her absence or inability to act.
c). Directors shall hold office for a term of three years and may be reelected for no more than one successive term. They shall continue in office until their successors shall have been chosen and assumed office. If the office of a Director becomes vacant more than one hundred and eighty days before the end of his or her term, a successor shall be chosen for the remainder of the term by the Governors who elected the former Director. A majority of the votes cast by such Governors shall be required for such election. If the office of a Director becomes vacant one hundred and eighty days or less before the end of his or her term, a successor may be chosen for the remainder of the term by the votes cast by such Governors who elected the former Director, in which election a majority of the votes cast by such Governors shall be required. While the office remains vacant, the Alternate of the former Director shall exercise the powers of the latter, except that of appointing an Alternate.
d). The President shall be ex officio Chairperson of the Board of Directors, but shall have no vote except a deciding vote in case of an equal division.
e). The Board of Directors shall meet at the call of its Chairperson acting on his or her own initiative or upon request of three Directors. A quorum for a meeting of the Board of Directors shall be a majority of the Directors exercising not less than two-thirds of the total voting power. The Board of Directors may by regulation establish a procedure whereby its Chairperson, when he or she deems such action to be in the best interests of the Bank, may request a decision of the Board on a specific question without calling a meeting of the Board. It may also establish procedures for approving particular financial operations.
f). The Board of Directors shall not meet in continuous session, shall not be resident at the Bank, and shall serve without remuneration or reimbursement from the Bank. By special majority, the Board of Governors, under such terms and conditions as it determines, may replace the non-resident Board of Directors with a resident Board of Directors of not more than twelve Directors.