Artikel 23

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) elect the Directors of the Bank and determine the expenses to be paid for Directors and Alternate Directors and remuneration, if any, pursuant to paragraph 6 of Article 25;
(vi) elect the President, suspend or remove him from office, and determine his remuneration and other conditions of service;
(vii) approve, after reviewing the auditors’ report, the general balance sheet and the statement of profit and loss of the Bank;
(viii) determine the reserves and the allocation and distribution of the net profits of the Bank;
(ix) amend this Agreement;
(x) decide to terminate the operations of the Bank and to distribute its assets; and
(xi) 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.