Artikel X

Section 1. - Decisions reserved to the Administrative Council
The Administrative Council shall have all the necessary powers to administer the Fund. It shall take decisions for such purposes as the following:
(a) to determine from time to time what portion of the Fund's surplus, if any, shall be accumulated and invested pursuant to the provisions of Article VII, Section 2;
(b) to approve the operating budget of the Fund on the principle that operating expenses may not exceed receipts on account of interest and commissions;
(c) to give to the Governor specific or general directives;
(d) to establish Rules of Procedure for the Fund and, in particular, the terms on which loans shall be granted or guaranteed;
(e) to transmit each year to the Special Representative, for submission to the Committee of Ministers, the report of the Governor of the Fund.
Section 2. - Composition of the Administrative Council
(a) The Administrative Council shall consist of a Chairman appointed by the Governing Body, together with one representative of each Member of the Fund. Each representative on the Administrative Council shall have a number of votes equal to the number of participating certificates held by the Member he represents.
(b) The Administrative Council may invite representatives of the international and inter-governmental organisations concerned to participate without vote in its proceedings.
Section 3. - Term of office of members of the Administrative Council
Appointments of members of the Administrative Council shall continue until revoked by the Member of the Fund which has appointed him. Retiring members of the Council are always eligible for re-appointment or re-election.
Section 4. - Method of decision by the Administrative Council
(a) The Administrative Council shall be convened by its Chairman. It shall meet whenever the necessity arises and at least once each quarter;
(b) The decisions of the Administrative Council shall be taken by a majority of the votes cast by members present. Two-thirds of its members shall constitute a quorum, failing which the deliberations of the Council shall be invalid.
Section 5. - Committees of the Administrative Council
The Administrative Council may from time to time appoint Committees from among its members and delegate to such Committees powers to be specified in each particular case.
Section 6. - Compensation of members of the Administrative Council
Members of the Administrative Council shall serve without compensation from the Fund, but their reasonable expenses incurred in performing their functions as members of the Administrative Council shall be reimbursed by the Fund.