Bank, under the authority of the President and the supervision of the Board of   Directors.

It shall prepare the decisions of the Board of Directors, in particular decisions on  the raising of loans and the granting of loans and guarantees; it shall ensure that these  decisions are implemented.

4. The Management Committee shall act by a majority when delivering opinions on  proposals for raising loans or granting loans and guarantees.

5.The Board of Governors shall determine the remuneration of members of the  Management Committee and shall lay down what activities are incompatible with  their duties.

6. The President or, if he is prevented, a Vice President shall represent the Bank in  judicial and other matters.

7. The officials and other employees of the Bank shall be under the authority of the  President. They shall be engaged and discharged by him.  In the selection of staff,  account shall be taken not only of personal ability and qualifications but also of an  equitable representation of nationals of Member States.

8.The Management Committee and the staff of the Bank shall be responsible only to  the Bank and shall be completely independent in the performance of their duties.

Article 14

1. A Committee consisting of three members, appointed on the grounds of their  competence by the Board of Governors, shall annually verify that the operations of  the Bank have been conducted and its books kept in a proper manner.

2. The Committee shall confirm that the balance sheet and profit and loss account are  in agreement with the accounts and faithfully reflect the position of the Bank in  respect of its assets and liabilities.

Article 15

The Bank shall deal with each Member State through the authority designated by that  State. In the conduct of financial operations the Bank shall have recourse to the bank  of issue of the Member State concerned or to other financial institutions approved by  that State.

Article 16

1. The Bank shall cooperate with all international organizations active in fields  similar to its own.

2. The Bank shall seek to establish all appropriate contacts in the interests of  cooperation with banking and financial institutions in the countries to which its  operations extend.

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