2. Special loans may not be called for until the beginning of the fourth year after the  entry into force of this Treaty. They shall not exceed 400 million units of account in  the aggregate or 100 million units of account per annum.

3.The term of special loans shall be related to the term of the loans or guarantees  which the Bank proposes to grant by means of the special loans; it shall not exceed  20 years. The Board of Governors may, acting by a qualified majority on a proposal  from the Board of Directors, decide upon the prior repayment of special loans.

4. Special loans shall bear interest at 4% per annum, unless the Board of Governors,  taking into account the trend and level of interest rates on the capital markets,  decides to fix a different rate.

5. Special loans shall be granted by Member States in proportion to their share in the  subscribed capital; payment shall be made in national currency within six months of  such loans being called for.

6. Should the Bank go into liquidation, special loans granted by Member States shall  be repaid only after the other debts of the Bank have been settled.

Article 7 ( * )

( * ) Article as amended by Article 3 of Protocol No 1 annexed to the AA GR..

1. Should the value of the currency of a Member State in relation to the unit of  account defined in Article 4 be reduced, that State shall adjust the amount of its  capital share paid in its own currency in proportion to the change in value by making  a supplementary payment to the Bank.

2. Should the value of the currency of a Member State in relation to the unit of  account defined in Article 4 be increased, the Bank shall adjust the amount of the  capital share paid in by that State in its own currency in proportion to the change in  value by making a repayment to that State.

3. For the purpose of this Article, the value of the currency of a Member State in  relation to the unit of account, defined in Article 4, shall correspond to the rate for  converting the unit of account into this currency and vice versa based on market  rates.

4. The Board of Governors, acting unanimously on a proposal from the Board of  Directors, may alter the method of converting sums expressed in units of account into  national currencies and vice versa.

Furthermore, acting unanimously on a proposal from the Board of Directors, it may  define the method for adjusting the capital referred to in paragraphs 1 and 2 of this  Article; adjustment payments must be made at least once a year.

Article 8

The Bank shall be directed and managed by a Board of Governors, a Board of

<181>